Subject:
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Consider the approval of a resolution authorizing the Harrisonburg Redevelopment and Housing Authority to issue up to $6,000,000 in bonds for the Oakbrook Terrace II, L.P. Project
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Presented By: City Attorney Brown
Recommendation and Review
Oakbrook Terrace II, L. P., a Virginia limited partnership (the “Borrower”), has applied to the Authority for the issuance of not to exceed $6,000,000 of the Authority’s Multi-Family Housing Revenue Bonds (Oakbrook Terrace II, L. P. Project), Series 2017 (the “Bonds”), to provide financing for (a) the acquisition, renovation and equipping of a one-story, 80 unit, multi-family residential rental housing project, comprised of 20 residential buildings, a clubhouse and fitness and recreation facilities, on an approximately 19.42 acre site, known as Oakbrook Terrace Apartments and located in the incorporated town of Orange, Virginia (the “Town”), at 109 Oakbrook Drive, Orange, Virginia 22960, (b) the initial funding of debt service reserve and other funds, and (c) the payment of issuance and other transaction costs (collectively, the “Project”).