Consent 1.M.
Regular City Council Meeting
- Meeting Date:
- 06/14/2010
- TITLE
- Resolution Granting Preliminary Approval and Calling a Public Hearing on COR Enterprise Economic Development Revenue Bonds
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
Community Option Resource Enterprises Inc (COR Enterprises), which is a nonprofit social services agency that provides vocational and supported living services to adults with disabilities, has proposed that the City issue economic development revenue bonds to finance a portion of the costs of designing and constructing a new facility.
The loan will be secured by an indenture of trust and loan repayments will be made by COR Enterprises.
The attached resolution grants preliminary approval of the bond sale and calls a public hearing on July 12, 2010.
ALTERNATIVES ANALYZED
The Council may:
- Approve the resolution; or
- Not approve resolution.
FINANCIAL IMPACT
The bonds are special, limited obligations of the City and shall not constitute any financial liability of the City or a charge against its general credit or taxing powers. COR Enterprises will pay for any costs incurred by the City in connection with the sale.
RECOMMENDATION
It is recommended that the City Council approve the attached resolution.