TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA - Director of Economic and Community Development
DATE: December 12, 2022
RE:
Title
Public Hearing on Authorization of the Issuance of Private Activity Bonds not to Exceed $114,000,000 by the Public Finance Authority Relating to Two Mixed Income Housing Developments Located at 1701 Owen Drive and 1944 Cedar Creek Road
end
COUNCIL DISTRICT(S):
Council District(s)
District 2
b
Relationship To Strategic Plan:
Strategic Operating Plan FY 2022 - 2026
Goal IV: Desirable Place to Live, Work, and Recreate
* Objective 4.6 - To reduce poverty and homelessness
Executive Summary:
GoodHomes, Inc., acting as the developer, has partnered with the Community Finance Corporation, a non-profit developer and is requesting the City hold a Public Hearing and adopt a resolution authorizing the issuance of not more than $114,000,000 in Private Activity Bonds issued by the Public Finance Authority (PFA). The project involves redevelopment of properties located at 1701 Owen Drive and 1944 Cedar Creek Road. Additional details of each development are attached. The issuance of bonds is a transaction between the PFA and the Community Finance Corporation and does not expose the City to any financial risk. City Council is asked to hold a Public Hearing and adopt the resolutions authorizing the issuance of not more than $114,000,000 in Private Activity Bonds issued by the PFA.
Background:
GoodHomes, Inc. is a developer specializing in the adaptive reuse of underperforming hotels by taking once prosperous developments and converting them into vibrant and meaningful communities. The PFA is a governmental entity established under Section 66.0304 of the Wisconsin State Statutes, authorized to issue tax-exempt, taxable, and tax credit conduit bonds for public and private entities throughout all 50 states.
To enable the developer to access municipal lendin...
Click here for full text