Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $3,295,000 FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING REAL PROPERTY IDENTIFIED BY THE SUMMIT COUNTY FISCAL OFFICER AS PERMANENT PARCEL NOS. 30-01315 AND 30-01316 AND CONSISTING OF APPROXIMATELY 31 ACRES KNOWN AS 5431 HUDSON DRIVE IN THE CITY FOR THE PURPOSE OF PROVIDING A FACILITY HOUSING FUNCTIONS OF THE CITY’S DEPARTMENT OF PUBLIC WORKS AND CONSTRUCTING, FURNISHING AND EQUIPPING THAT FACILITY AND CLEARING, EQUIPPING AND IMPROVING THAT SITE.
Brief Description: This ordinance allows for the financing of the purchase of the Hudson Drive property that will be used for the new Public Works facility as well as financing the cost of design of the new facility.
Body
Legislative History
Ordinance No. 23-82 authorized the purchase of the Hudson Drive parcels for $1,900,000
Ordinance No. 23-116 authorized the issuance of $1,900,000 in notes for the purchase of the land
Ordinance No. 24-80 authorized the contract with Brandstetter Carroll, Inc for the design of the new facility
Ordinance 24-114 authorized the issuance of $3,295,000 in notes for the purchase of land and cost of design of the new facility
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of bonds to pay for the design of the new public works facility as well as the cost of the property. Separately we will issue notes to finance the construction costs of the facility. We will roll the construction notes into a larger bond issue once all costs are known.
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 bonds.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director