Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $600,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING CITY-OWNED PROPERTIES LOCATED AT 95 AND 100 OWEN BROWN STREET BY PERFORMING SITE CLEARANCE, IMPROVEMENT AND PREPARATION AND PLACING THE SITE IN A CONDITION FOR USE, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance allows for the sale of notes to finance the demolition of the old salt dome and Hudson Public Power buildings as part of the Downtown Phase 2 project.
Body
Legislative History
Resolution 18-89 authorized City Manager to advertise for bids and enter into a contract for demolition and remediation of the existing facilities at 94 and 100 Owen Brown Street
Purpose & Explanation
The purpose of this legislation is fund the demolition and remediation of existing buildings on the Downtown Phase 2 site. We intend to roll the notes into bonds as part of the Downtown Phase 2 project. The debt service payments for this project will come from proceeds from Tax Increment Financing (TIF) once Phase 2 is complete. The notes will be sold competitively.
Timing Considerations
The notes need to be sold by the end of the year.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends approval of this ordinance to allow for timely sale of the notes. Bond counsel has requested passage on second reading to allow sufficient time for the credit rating and sale of notes.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst City Manager/Finance