Consent 1.Q.
Regular City Council Meeting
- Meeting Date:
- 02/22/2010
- TITLE
- Authorizing the Issuance and Calling for the Public Sale for SID 1389 Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The City Council has previously approved Special Improvement District project 1389. Ron Hill, the owner of 36 of the 46 lots in the district, has made a cash contribution of $442,964. The attached resolution authorizes the sale of $232,000 in bonds for the remaining cost of financing the project.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve resolution.
FINANCIAL IMPACT
Without the bond sale proceeds, the project would have to be delayed.
RECOMMENDATION
It is recommended that the City Council approve the attached resolution.