Title
Resolution Approving and Authorizing the Sale and Issuance of Limited Obligation Bonds and the Execution and Delivery of a Master Trust Agreement, a First Supplemental Trust Agreement, a Deed of Trust and Related Documents in Connection with the Financing of New Parking Facilities
Body
Department: Financial & Administrative Services
Council District: 3
Public Hearing: August 21, 2018
Advertising Date/By: August 10, 2018
Contact 1 and Phone: Richard L. Lusk, Finance Director 373-2077
Contact 2 and Phone: Thomas D. Carruthers, City Attorney 373-2320
PURPOSE: To hold a public hearing to authorize the issuance and sale of up to $43 million limited obligation bonds on October 17, 2018 to finance the land acquisition, design, and construction of the February One Deck and land acquisition and design of the Eugene Street Deck, and related financing costs, including capitalized interest during construction. The par amount of the bonds on the sale date is not expected to exceed $43 million. Issuance of limited obligation bonds to finance the parking facilities is subject to a public hearing and approval by City Council and the Local Government Commission.
BACKGROUND: This proposed financing will fund the land acquisition, design, and construction of the February One Deck and land acquisition and design of the Eugene Street Deck, including reimbursing the City for expenses already incurred toward these projects.
At its April 18, 2017 meeting, the City Council authorized the City Manager to enter into a Memorandum of Understanding with Elm Street Hotel, LLC to design and build a public/private parking structure in the 100 block of South Davie Street. This downtown development project would include a new hotel, retail space, parking structure and a renovated event center. The City will be authorizing to spend up to $31,150,000 for land acquisition, design and construction of the February One Parking Deck project, provided that City funds do not exceed 50% of t...
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