Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $925,000 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 1.0 ACRE OF REAL PROPERTY LOCATED AT 94 OWEN BROWN STREET FOR SALE OR LEASE FOR PRIVATE REDEVELOPMENT, APPROPRIATING THE PROCEEDS OF THE NOTES AND AUTHORIZING THE EXPENDITURE OF THOSE PROCEEDS FOR THAT PURPOSE.
Brief Description: This ordinance allows for the financing of the former Windstream property at 94 Owen Brown Street, purchased as part of the Downtown Phase II Project.
Body
Legislative History
None.
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. Due to a change in the law, the City is no longer required to obtain approval of the Community Improvement Corporation (CIC) to obtain approval of the purchase. 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