Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $740,000 OF TAXABLE ECONOMIC DEVELOPMENT NONTAX REVENUE BOND ANTICIPATION NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING APPROXIMATELY 4.0 ACRES OF REAL PROPERTY LOCATED NEAR THE SOUTHWEST CORNER OF OWEN BROWN STREET AND MORSE ROAD.
Brief Description: This ordinance allows for the refinancing of existing financial obligations of the City. It allows for the rollover of note proceeds used to pay for the former Windstream property at 100 Owen Brown Street, purchased as part of the Downtown Phase II Project.
Body
Legislative History
Ordinance No. 17-196 authorized issuance of $740,000 in notes to purchase the former Windstream property.
Ordinance No. 18-164 authorized issuance of $740,000 in notes to purchase the former Windstream property.
Ordinance No. 19-154 authorized issuance of $740,000 in notes to purchase the former Windstream property.
Ordinance No. 20-118 authorized issuance of $740,000 in notes to purchase the former Windstream property
Ordinance No. 21-100 authorized issuance of $740,000 in notes to purchase the former Windstream property
Ordinance No. 22-126 authorized issuance of $740,000 in notes to purchase the former Windstream property
Ordinance No. 23-112 authorized issuance of $740,000 in notes to purchase the former Windstream property
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of notes to pay for the purchase of the Windstream property. Because it is anticipated the property will be used for private development, the City needs to issue taxable bond anticipation notes. As part of the process, we convened the Community Improvement Corporation (CIC) to obtain approval of the purchase. Because the purchase was previously approved by the CIC, there is no need for additional approval from the CIC. These notes will ultimately be rolled into a long-term bond issue as part of the Downtown Phase II Project.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends approval of the Ordinance to allow for timely issuance of the notes.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director