Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $3,295,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, 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
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of notes to pay for the purchase of the Hudson Drive properties that will be the site of the new Public Works facility. We are adding an additional $1,395,000 to the note to pay for the design of the new facility. Eventually these notes will be rolled into a long-term bond issue that will include the design and construction of the new facility.
As part of 2024 second quarter appropriations, the General Fund advanced $1,395,000 to the new Public Works Facility Fund 455. When we sell these notes in December, we will repay the General Fund with the debt proceeds.
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
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