Title
Ordinance in the Amount of $5,408,504 Amending the Coliseum Improvements Bond Fund
Body
Department: Coliseum
Council District: 1
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Matthew Brown, Coliseum Managing Director 373-7400
Contact 2 and Phone: Richard Lusk, Finance Director 373-2077
PURPOSE: To consider amending the Coliseum Improvements Bond Fund Budget in the amount of $5,408,504, to complete planned improvements to Coliseum Complex facilities.
BACKGROUND: City Council has previously authorized $24,476,496 in improvements to the Coliseum Complex to be financed by the issuance of limited obligation bonds funded from Hotel/Motel Tax revenue. This ordinance increases the amount of improvements to $28,800,000 to be financed by bonds to be issued October 2018.
BUDGET IMPACT: Payment of the debt service on the limited obligation bonds will be included in future annual budgets of the Hotel/Motel Tax Fund.
RECOMMENDATION / ACTION REQUESTED: The Coliseum and Finance Departments request City Council approval of the attached budget ordinance amending the Coliseum Improvements Bond Fund Budget in the amount of $5,408,504.