Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $4,500,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING, REMODELING, RENOVATING, FURNISHING, EQUIPPING AND OTHERWISE IMPROVING A BUILDING, AND ACQUIRING, CLEARING, IMPROVING AND EQUIPPING ITS SITE, FOR USE AS A NEW CITY HALL TO HOUSE MUNICIPAL OFFICES AND FUNCTIONS, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance approves the issuance of notes for the purchase of the former PASCO building, as well as the estimated cost of renovations and improvements to the building.
Body
Legislative History
City Council previously approved the purchase of the property.
Purpose & Explanation
The purpose of the legislation is to allow the sale of notes to purchase the property for a cost of $3.5 million. Included in the issuance is an additional $1 million for improvements and renovations.
Timing Considerations
Staff is requesting immediate passage of legislation to allow for the timely sale of notes and closing on the property.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council pass the ordinance on first reading to allow for the timely sale of notes and closing on the property.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance