Title
Resolution Making Certain Findings and Determinations Regarding the Proposed Financing of Parking and Firefighting Facilities and Requesting the Local Government Commission to Approve the Financing Arrangement
Body
Council Priority: Create an Environment to Promote Economic Development Opportunities and Job Creation, and Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Financial & Administrative Services
Council District: 1, 2 & 3
Public Hearing: August 20, 2019
Advertising Date/By: August 9, 2019
Contact 1 and Phone: Richard L. Lusk, 373-2077
Contact 2 and Phone: Thomas D. Watts, 373-2320
PURPOSE: To hold a public hearing to authorize an increase in the bond issue amount of $43 million previously approved on August 21, 2018, to $82 million, to finance, (1) the land acquisition, design, site preparation and construction of the Eugene Street Parking Garage, (2) the land acquisition, design, site preparation and construction of the February One Parking Garage, (3) the land acquisition, design, site preparation, construction and equipping of fire facilities, and (4) related financing costs, including capitalized interest during construction.
The projects will be funded by two bond issues, the first occurring in October, 2019, of up to $38 million, to finance the Eugene Street Garage Project and costs incurred to date for land acquisition, design and site preparation for the February One Garage Project. The second bond issue, of up to $44 million, would take place January 2020, to finance construction of the February One Garage and the Fire Facilities.
Based on projected interest rates, the par amount of the two bond issues, net of issuance premiums, should not exceed $76 million. Issuance of limited obligation bonds to finance these projects is subject to a public hearing and approval by City Council on August 20, 2019 and by the Local Government Commission on October 1, 2019.
BACKGROUND: On August 21, 2018, City Cou...
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