City Council Public Hearing on Bond Resolution

City Council will set a public hearing on the Bond Resolution for the Trinity project for November 23, 2020 at 6:00 pm. This project will be a tax-exempt bond-financed deal, using 4% Low-Income Housing Tax Credits and tax exempt bonds issued by the City of Missoula. The use of tax credits and tax-exempt bonds allow developers to borrow less money during construction, passing the savings on to individuals and families as lower rents.

This item was before council almost one-year ago and a public hearing was held to adopt a resolution pertaining to the issuance of bonds. Changes in the financing structure have required a new application to the State of Montana to rise the volume cap for the bonds. This in turn requires a new resolution from the City of Missoula and a separate public hearing process. The project is still in good standing and moving towards a construction start in the Spring of 2021. There are no financial implications for City tax payers for the issuance of these bonds. The bonds are repaid from the proceeds of the tax credits.

You can read the Bond Resolution in the "Documents" pane on this page and tune into the City Council meeting on November 23 by checking for updates on this page: https://www.ci.missoula.mt.us/1149/AgendasWebcastsMinutes