The owner of Arbors at Water’s Edge is preparing to refinance the apartment complex located on the north side of Columbus, with a public hearing scheduled next week, city officials said.
RC Arbors LLC, which owns the 152-unit apartment complex located at 4060 N. County Road 150W, is required to hold a public hearing to comply with provisions in the Internal Revenue Service Code, and the Columbus City Council is required to sign off that they know the property owner is getting ready to refinance, officials said.
The refinancing involves up to $17 million in multifamily housing revenue bonds, according to a public notice. No new units are being built, and ownership is not changing, city officials said.
The hearing is scheduled for 6 p.m. July 2 at Columbus City Hall.
“Any time a private entity tries to refinance and issue tax-exempt bonds, they have to have a public hearing, and the city council has to sign off on it,” Robin Hilber, the city’s director of community development. “…(The law firm) Ice Miller and our attorneys have looked at the documentation and said they agreed that this isn’t a debt or a pledge by the city by any means. It’s merely signing off that we know they’re getting ready to refinance.”
