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RESOLUTION: 2002-8
SUBJECT: A bill for a resolution setting forth the intent of the City of Lakewood to issue not more than $9,000,000 of development revenue bonds the proceeds of which will be loaned to Carmel Oaks of Lakewood, a Colorado nonprofit corporation; setting forth the conditions of said intent; and authorizing the reimbursement of expenditures of Carmel Oaks made prior to the issuance of such bonds.
ADDRESS: 6263 West Jewell Avenue
RECOMMENDATION: Staff recommends approval of the Resolution as drafted. Phase
I of the project as described meets the public purpose of providing high quality
independent, affordable housing to moderate through middle income senior residents
of the City of Lakewood. The applicant has met all requirements of the City's
Private Activity Bond Policy and the provisions of the County and Municipality
Development Revenue Bonds Act set forth in C.R.S. Section 29-3-101, et seq,
as amended.
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The City intends to issue not more
than $9,000,000 bonds in order to finance the Phase I acquisition, construction
and equipping of a seniors residential project known as Carmel Oaks for the
purpose of providing more adequate residential housing facilities for moderate
through middle-income seniors. The developer of the project, Essex Corporation,
has requested the City to issue Development Revenue Bonds (the " Bonds")
to finance the Project. The estimated bond size is an aggregate amount not to
exceed $9,000,000. IT IS IMPORTANT TO NOTE THAT THE BONDS ARE PAYABLE SOLELY
FROM MONIES RECEIVED FROM PAYMENTS UNDER THE INDENTURE AND ARE NOT A DEBT OR
INDEBTEDNESS OR A MULTIPLE FISCAL YEAR DIRECT OR INDIRECT DEBT OR OTHER FINANCIAL
OBLIGATION WHATSOEVER OF THE CITY.
The bond documents will be submitted for Council approval at a future meeting.
The Essex Corporation is a full service real estate development company that is headquartered in Omaha, Nebraska. Essex's focus is on building, developing and managing independent senior community developments, and they are actively targeting markets to develop housing in the western region. The bond documents for the financing continue to require that ten percent of the multi-family units be set aside to be rented to low-to-moderate-income seniors. Four of the 60 units will be set-aside for households earning eighty percent, or less, than the area median income. An additional two units will be rented to households earning sixty percent, or less, than area median income.
DATE OF FIRST READING: February 11, 2002
ORIGINATED BY: Larry Dorr, Financial Analyst, Finance Department
STAFF PERSON RESPONSIBLE: Larry Dorr, Financial Analyst, Finance Department,
303-987-7668
DOCUMENTS ATTACHED: Resolution 2002-8
Carmel Oaks / White Fence Farm Project Overview
SUBMITTED BY:
Jacque Wedding-Scott, Finance Director
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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