City of New Haven Common Council Regular Agenda May 2026
City plans revenue bond financing for GLC project
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Description
The City of New Haven is proposing to issue up to $5 million in taxable economic development revenue bonds, with proceeds loaned to GLC New Haven, LLC to support a 240‑unit multifamily housing project and related public infrastructure. The bonds will mature within 25 years, bear interest up to 7%, and be repaid from tax increment revenues under a loan agreement and trust indenture.
Contract Details
Contract Amount
Not to exceed $5,000,000 (bond proceeds)
Vendor
GLC NEW HAVEN LLC
Agency
City of New Haven, IN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Maturity not later than 25 years after date of issuance; bonds expected Series 2026
Renewal Info
Single issuance of economic development revenue bonds with maximum 25‑year term; no renewals described, but bonds may be optionally redeemed as provided in financing agreements.
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