TO: Mayor and Members of City Council
THRU: Douglas J. Hewett, ICMA-CM, City Manager
FROM: Jay C. Toland, CMA - Chief Financial Officer/Assistant City Manager
DATE: May 23, 2022
RE:
Title
Public Hearing on a Proposed Installment Financing Agreement for a New Fire Station for the City, Resolution Making Certain Findings, and Request the Local Government Commission to Approve the Financing
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V: Financially Sound City Providing Exemplary City Services - Objective 5.1: Ensure strong financial management with fiduciary accountability and plan for the future resource sustainability by aligning resources with City priorities.
Executive Summary:
City Council will conduct the public hearing on an installment financing agreement in an amount not to exceed $10,500,000. The purpose of the financing will be to pay the costs of constructing and equipping a new fire station (Fire Station 4) for the City.
In addition to holding the public hearing, City Council is requested to consider adoption of the attached Resolutions as follows:
1. Resolution Accepting the Proposal of Truist Bank in Connection with an Installment Financing Agreement for the City of Fayetteville, North Carolina
2. Resolution Making Certain Findings and Determinations Regarding the Proposed Financing by the City of Fayetteville, North Carolina for the Construction and Equipping of a New Fire Station for the City of Fayetteville, North Carolina, and Requesting the Local Government Commission to Approve the Financing Arrangement
3. Resolution Authorizing the Execution and Delivery of an Installment Financing Agreement, a Deed of Trust, a Project Fund Agreement, a Wire Transfer Agreement and Related Documents in Connection with the Financing of a New Fire Station for the City of Fayetteville, North Carolina
Background:
This public hearing has been set to receive comments on an Installment Fi...
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