Title
RESOLUTION AUTHORIZING ASSIGNMENT TO THE COLORADO HOUSING AND FINANCE AUTHORITY OF A PRIVATE ACTIVITY BOND ALLOCATION OF THE CITY OF COMMERCE CITY PURSUANT TO THE COLORADO PRIVATE ACTIVITY BOND CEILING ALLOCATION ACT
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Summary and Background Information:
Each year Commerce City receives an allocation the state-wide private activity bond ceiling. For 2020, the allocation is $3,105,945. We request assignment to the Colorado Housing and Finance Authority (CHFA) for the Mile High Greyhound Park (MHGHP) income qualified apartments (LIHTC) project located at the NEC of 62nd Avenue and Parkway Drive.
Section 42 of the IRS code, which established the LIHTC program, requires that Public Activity Bonds (PAB's) be issued for at least 50% of the eligible costs. This building will be approximately $60M dollars to build, and we are looking for approximately $30M in PAB Cap. We assigned the 2019 allocation to this project and have asked Adams County to contribute their 2020 allocation. Comerce City and Delwest are requesting an initial $11M from DOLA and believe we can obtain some additional CAP recycling back DOLA in September and the remainder from the CAP and CHFA.
Staff supports their request and action must be taken by September 15 in order to complete the assignment
Staff Responsible (Department Head): Sheryl Carstens
Staff Member Presenting: Roger Tinklenberg will be available for questions
Financial Impact:
Funding Source:
Staff Recommendation: Approve Resolution 2020-42
Suggested Motion: Approve Resolution 2020-42