TO: Mayor and Members of City Council
THRU: Telly C. Whitfield, PhD. - Assistant City Manager
FROM: Jay C. Toland, CMA - Chief Financial Officer
DATE: May 13, 2019
RE:
Title
Approval of sale and issuance of Limited Obligation Bonds - Baseball Stadium and Parking Deck Improvements and A New Pool
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V: Sustainable Organizational Capacity - Objective A: To ensure strong financial management with fiduciary accountability and plan for the future resource sustainability by aligning resources with City priorities.
Executive Summary:
Council is asked to consider the final approving resolution to authorize the city to sell an amount not to exceed $7,300,000 in limited obligation bonds. The purpose is to finance one or more of the following projects: (a) certain additional costs relating to the acquisition, construction and equipping of a baseball stadium, (b) certain additional costs relating to the acquisition, construction and equipping of a parking deck and (c) the cost of constructing and equipping a new pool at the Lake Rim Recreation Center.
The current forecasts are as follows; Baseball Stadium $2.5M, Lake Rim Pool $3M, and the Parking Garage is $1.5M, grand estimated total $7M. Actual figures and issuance costs will be used for the application to the Local Government Commission.
Background:
On April 8, 2019, City Council held a public hearing to receive comments on a financing agreement in the form of limited obligation bonds to provide funds to pay the costs of one or more of the following projects: (a) certain additional costs relating to the acquisition, construction and equipping of a baseball stadium, (b) certain additional costs relating to the acquisition, construction and equipping of a parking deck and (c) the cost of constructing and equipping a new pool at the Lake Rim Recreation Center.
Actual bond principal will be the amount necessar...
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