Consent 4.D.
Regular City Council Meeting
- Meeting Date:
- 01/28/2013
- TITLE
- Parameters Resolution for Tax Increment Urban Renewal Revenue Bonds for the Empire Garage Project
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The City Council has approved the construction of the Empire Parking garage and retail space on the corner of North 27th and Montana Avenue. The City has been working with DA Davidson to issue tax increment bonds to finance this project. The bond sale parameters will be set by Friday January 24th. The final Council memo and parameters resolution will be included in the Council's Friday packet.
ALTERNATIVES ANALYZED
The final pricing will be determined by the market on the day of the sale.
FINANCIAL IMPACT
Upon approval of the resolution, the City and DA Davidson will proceed with the bond sale.
RECOMMENDATION
Staff recommends that City Council approve the parameters resolution.