Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,400,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF IMPROVING CITY PROPERTY CONSTITUTING THE SITE OF THE FORMER CUYAHOGA COUNTY YOUTH DEVELOPMENT CENTER BY PERFORMING SITE CLEARANCE, IMPROVEMENT AND PREPARATION AND PLACING THE SITE IN A CONDITION FOR USE AND OPERATION FOR CITY PURPOSES, AND DECLARING AN EMERGENCY.
Executive Summary: This ordinance authorizes the City to sell notes to finance the demolition of the buildings on the YDC property.
Body
Legislative History
None.
Purpose & Explanation
City Council has made the determination that it is in the city's best interest to demolish the buildings on the YDC property. The estimated demolition cost with contingency is $1,411,000. We will sell $1.4 million in one year notes with the expectation that the note can be paid down at maturity with a combination of Moving Ohio Forward grant proceeds and/or excess income or estate taxes.
The notes will be sold via competitive bid with the expectation the interest rate will be less than .5%.
Timing Considerations
City staff is requesting the ordinance be passed with emergency language to allow us to move forward with the project as soon as possible.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends passing the ordinance authorizing the issuance of $1.4 million for the YDC building demolition project.
Submitted by,
Jeff Knoblauch, Finance Director