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Commissioners Approve Manufacturing and Housing Projects

09/25/2019

County Commissioners approved project revenue bonds for construction of the Ceja Vista Senior Apartments and industrial revenue bonds for expansion of Rose’s Southwest Papers.

DBG properties will receive $16 million in project revenue bonds for construction of the Ceja Vista Senior Apartments at 10001 Ceja Vista Road, SW. The South Valley apartment complex will be a 100% affordable senior housing complex consisting of 112 one-bedroom units and 44 two-bedroom units.

This project is financed with both revenue bonds from the county and low-income housing tax credits to be used by the Mortgage Finance Authority.

“The South Valley is continuing to prosper and grow,” says District 2 Commissioner Steven Michael Quezada. “A new affordable place to live for seniors and business expansion and job opportunities are the perfect combination.”

Commissioners also approved industrial revenue bonds totaling $8.2 million for Rose’s Southwest Paper, INC, located on south Second Street.

This is the second part of a $20 million investment for the company. Phase I, for equipment and improvements at the company’s existing facility, was approved by the commission in May 2019. Phase II is for the acquisition of additional warehouse space located on Airport Drive, NW.

Project revenue bonds are privately funded bonds through the multi-family housing act that are only available to fund workforce housing projects and allow certain tax exemptions.

Industrial revenue bonds are privately funded bonds issued for commercial improvement and construction projects and allow certain tax exemptions.

Both bonds passed on a unanimous vote.

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