Consent 1.P.
Regular City Council Meeting
- Meeting Date:
- 04/13/2015
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Special Improvement Bonds
- PRESENTED BY:
- Patrick M. Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Two Special Improvement District (SID) projects will be pooled together for a bond sale. SID 1382 will construct Colton Boulevard between 38th Street West and Zimmerman Trail. The western section will be fully constructed with curb and gutter, water, storm drain, and multi-use path on the south side. This full section will be from 38th Street West to the undeveloped section south of Colton. Fronting the undeveloped farm land south of Colton, the street will be constructed to 26 feet wide. The rest of the section will be constructed with development of the land south of it. SID 1397 will pave Treasure Drive from Donna Drive to the City High Ditch.
The total amount of the bonds will be approximately $435,000. Upon approval of the resolution, the negotiations can proceed for the sale of the bonds.
The total amount of the bonds will be approximately $435,000. Upon approval of 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 funding source
FINANCIAL IMPACT
The financial impact will be determined after the bond sale. The interest will be determined during negotiations.
RECOMMENDATION
Staff recommends that the Council approve the attached resolution that authorizes a negotiated sale for the indicated projects.