Consent 1.G.
Regular City Council Meeting
- Meeting Date:
- 07/08/2013
- TITLE
- Resolution Authorizing the Issuance and Calling for the Negotiated Sale for SID Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
Two Special Improvement District (SIDS) projects, 1394 and 1395 will be pooled together for a bond sale. SID 1394 will construct the missing curb and gutter, drive approaches, and street improvements to Macona Lane. SID 1395 will construct public improvements on Boca Raton Road between Annandale Road and Clubhouse Way and a short extension of Annandale Road. These improvements generally consist of water, sanitary sewer, storm drain, curb and gutter, and street improvements to Boca Raton Road and Annandale Road. The combined bond amount is estimated to be $250,000. Upon approval on the resolution, the negotiations can proceed for the sale of the bonds.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve the resolution and find another financing source
FINANCIAL IMPACT
The financial impact will be determined after the bond sale.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution authorizing a negotiated bond sale for SIDs 1394 and 1395.