- Created: Wednesday, 23 December 2015 12:13
- Written by Libby Murphy
Board encourages agency to further investigate conduit bonds: will consider waiver in the future
The agency was approached by a developer for $30 million in bond authority that a city had originally issued, but, due to a clerical error, went back to Minnesota Housing on December 1. At the time the clerical error was identified, the developer was close to closing and was slated to begin construction in March 2016. Because the project is a senior housing development, the developer cannot reapply to the city until May, delaying the project for five months. The developer has asked the agency to issue the bonds on behalf of the city so the project can break ground as scheduled.