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The Bartlesville City Council and Bartlesville Redevelopment Trust Authority gave approval of a resolution for the potential issuance of a bond for a multifamily housing project.

The first step was for the city council to authorize the BRTA to issue the bond. This item was discussed by Jered Davidson, an attorney for the Public Finance Law Group. Davidson explains that the BRTA will not be responsible if the project falls through.

Davidson went on to explain that the window for allocating funds opens Thursday at 9 a.m. So swift action by both governing bodies will help along the process.

Right now the only action being taken is to approve the BRTA as a conduit for the agreement. A public hearing will be required from the city council before the actual financing for the project can be approved.

City Manager Mike Bailey says the deal is a positive one.

The only risk accrued by the BRTA will be a line item on the annual audit.