May 28, 2024Asheville City Council
From the minutes, not yet reviewedWhat it does
Approves issuing up to $28,000,000 Multifamily Housing Revenue Bonds to provide financing for Meribel…
- Passed with the routine items, in one vote, without discussion.
- What the minutes say it will do: “The project will consist of 5 residential buildings.”
- Why it matters: Bonds are loans the City pays back over many years, with interest.
More from the minutes
- “There will be a mix of 1,2 and 3-bedroom units.”
- “Units will be set aside for individuals and families at 30% or less (58 units), 60% or less (24 units) and 80% or less (74 units) of Area Median Income (“AMI”).”
Official title: Resolution approving the issuance of up to $28,000,000 Multifamily Housing Revenue Bonds to provide financing for Meribel LP’s multi-family Development located at 171 Monticello Road in Weaverville to satisfy Section 147(f) of the Internal Revenue Code, with no City financial obligation associated with the bonds or any debt taken on by the developer
Carried unanimously, as part of the consent agenda
From the minutes: This motion was seconded by Councilwoman Smith and carried unanimously.
Read the motion as recorded
“RESOLUTION NO. 24-111 - RESOLUTION APPROVING THE ISSUANCE OF UP TO $28,000,000 MULTIFAMILY HOUSING REVENUE BONDS TO PROVIDE FINANCING FOR MERIBEL LP’S MULTI-FAMILY DEVELOPMENT LOCATED AT 171 MONTICELLO ROAD IN WEAVERVILLE TO SATISFY SECTION 147(f) OF THE INTERNAL REVENUE CODE, WITH NO CITY FINANCIAL OBLIGATION ASSOCIATED WITH THE BONDS OR ANY DEBT TAKEN ON BY THE DEVELOPER”
Open the minutesConsent agenda, item I