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Resolution Providing Approval of a Multifamily Housing Facility in the City of Wilmington, North Carolina, and the Financing Thereof with Multifamily Housing Revenue Bonds in an Amount Not to Exceed $20,000,000
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Department:
City Attorney's Office
Meeting Date:
5/19/2026
Contact Name:
Meredith T. Everhart
Public Hearing:
No
Contact Phone:
910-341-7820
Advertising Date/Advertised By:
N/A
Attachments:
Attachment #1: Resolution; Attachment #2: Public Hearing Certificate and Summary
PURPOSE:
The purpose of this resolution is to provide statutorily required approval by the City for the Wilmington Housing Authority to issue housing revenue bonds.
BACKGROUND:
The Housing Authority of the City of Wilmington, North Carolina ("WHA" or the "Issuer") has tentatively agreed to issue its multifamily housing revenue bonds in an amount not to exceed $20,000,000 (the "Bonds"), for the purpose of financing the acquisition, construction, and equipping by Solomon Towers LLC, a North Carolina limited partnership, or an affiliated or related entity (the "Borrower"), of a qualified residential rental project (the "Development") known as Solomon Towers. The Development consists of approximately 150 units and is located at 15 Castle Street, Wilmington, North Carolina.
Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that any bonds issued by the Issuer for the Development may only be issued after approval of the plan of financing by the City Council of the City, following a public hearing by the Issuer with respect to such plan. On June 2, 2026, the Issuer held a public hearing regarding the issuance of the Bonds to finance, in part, the Development, and has requested that the City Council approve the issuance of the Bonds, as required by the Code.
The City has determined that approval of the issuance of the Bonds is solely to satisfy the requirement of Section 147(f) of the Code and shall in no event constitute an endorsem...
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