Title
Ordinance in the Amount of $3,085,000 Amending the Parking Facilities Bond Fund Budget
Body
Council Priority: Maintain Infrastructure and Provide Sustainable Growth Opportunities
Department: Transportation
Council District: 3
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Chris Spencer, 433-7218
Contact 2 and Phone: Richard Lusk, 373-2077
PURPOSE:
To consider a budget ordinance amendment to the Parking Facilities Bond Fund in the amount of $3,085,000 to appropriate funds for the Eugene Street Parking Garage project.
BACKGROUND:
On August 20, 2019 the City Council authorized the sale of limited obligation bonds to fund the Eugene Street Parking Garage project. On October 11, 2019, the City sold $29,685,000 taxable limited obligation bonds, series 2019, to fund construction costs, capitalized interest during construction and bond issue expenses. The bonds were issued with a 25-year term and an average net interest cost of 3.28%, maturing November 1, 2044.
BUDGET IMPACT:
The City has received bond proceeds of $29,685,000 and $2,300,000 from the sale of land to fund estimated project costs of $31,985,000. At this time, a budget amendment of $3,085,000 is required to increase the project budget for the Eugene Street Parking Garage to $31,985,000 and to fully account for the bond issue transaction.
RECOMMENDATION / ACTION REQUESTED:
The Transportation and Finance Departments recommend that City Council approve the attached budget ordinance amending the Parking Facilities Bond Fund in the amount of $3,085,000.