Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF $1,900,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS, FOR THE PURPOSE OF PAYING COSTS OF ACQUIRING REAL PROPERTY IDENTIFIED BY THE SUMMIT COUNTY FISCAL OFFICER AS PERMANENT PARCEL NOS. 30-01315 AND 30-01316 AND CONSISTING OF APPROXIMATELY 31 ACRES KNOWN AS 5431 HUDSON DRIVE IN THE CITY FOR THE PURPOSE OF PROVIDING A FACILITY HOUSING FUNCTIONS OF THE CITY’S DEPARTMENT OF PUBLIC WORKS.
Brief Description: This ordinance allows for the financing of the purchase of the Hudson Drive property that will be used for the new Public Works facility.
Body
Legislative History
Ordinance No. 23-82 authorized the purchase of the Hudson Drive parcels for $1,900,000
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of notes to pay for the purchase of the Hudson Drive properties that will be the site of the new Public Works facility. Eventually these notes will be rolled into a long-term bond issue that will include the design and construction of the new facility.
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