In January of 2020, the City entered into a Chapter 100 transaction with 39th Place Apartments, LLC, a Spanos organization, providing tax abatement through the end of 2033.  After completion of the 280-unit apartment complex that was the subject of the Chapter 100 transaction, Spanos decided to sell the project.  The new operator will be Summit Management Services, Inc., which is a property management company that operates over 3,500 multifamily units in the United States.  Staff has reviewed information provided by Summit and approved the transfer in accordance with the bond documents.