Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $500,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING CITY-OWNED PROPERTY LOCATED AT 5810 HUDSON DRIVE BY CONSTRUCTING, FURNISHING EQUIPPING AND OTHERWISE IMPROVING (i) A NEW SALT STORAGE FACILITY AND (ii) A NEW BUS MAINTENANCE AND STORAGE FACILITY AND CLEARING, IMPROVING AND EQUIPPING THE SITE, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance is for the approval of the issuance of notes to pay for the costs incurred to date for the new salt dome and bus garage as part of the Downtown Phase 2 Project.
Body
Legislative History
City Council previously approved the relocation of the salt dome and bus garage as part of the Downtown Phase 2 Project.
Purpose & Explanation
This ordinance allows the issuance of notes to cover the costs we have incurred to date for the relocation and construction of the new salt dome and bus garage. We anticipate coming back to Council in 2018 to borrow funds for the remaining costs of the project. This note will ultimately be rolled into a single long-term bond issue once the project is complete.
Timing Considerations
We request passing this ordinance to allow for timely sale of the notes prior to year-end.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passage of the ordinance to allow for timely sale of notes prior to year-end.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance