Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $740,000 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 4.0 ACRES OF REAL PROPERTY LOCATED NEAR THE SOUTHWEST CORNER OF OWEN BROWN STREET AND MORSE ROAD FOR SALE OR LEASE FOR PRIVATE REDEVELOPMENT, APPROPRIATING THE PROCEEDS OF THE NOTES AND AUTHORIZING THE EXPENDITURE OF THOSE PROCEEDS FOR THAT PURPOSE, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance allows for the issuance of notes to pay for the former Windstream purchased as part of the downtown project.
Body
Legislative History
City Council previously approved the purchase of the Windstream property.
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 anticipate the property will be used for private development, the City needs to issue taxable bond anticipation notes. As part of the process, we are required to convene 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.
Timing Considerations
We request approval of the ordinance to allow for the timely sale of the property, as well as to allow for sufficient time to convene the CIC and obtain approval.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends approval of the Ordinance to allow for timely issuance of the notes.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst. City Manager/Finance