|
|
Town of Chapel Hill Executive Summary |
Meeting Date: 09-08-2008 AGENDA #9 |
Title of Agenda Item: Tax Exempt Financing Proposal for the Redevelopment of Timberlyne Apartments.
Background: Town Staff has been contacted by representatives of Related Companies, L.P., a firm that develops, manages and finances affordable apartment complexes, concerning a proposal to redevelop the Timberlyne Apartments. The proposed acquisition and rehabilitation would be financed through a combination of tax exempt bonds and low income tax credits. The tax exempt bond portion of the financing would require that the bonds be issued in the name of the Town of Chapel Hill using a pass-thru or conduit type arrangement. As a “conduit-issuer” the Town would have no obligation for payments on the bonds. [Attached staff memorandum provides further information.]
Staff Recommendation(s): To refer this item to the Council Committee on Affordable Housing for review and recommendation.
------------------------
Viewing attachments may require Adobe
Acrobat