Regular 3.
Regular City Council Meeting
- Meeting Date:
- 02/12/2018
- TITLE
- Authorizing the Issuance and Calling for a Negotiated Sale for Special Improvement Bonds
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City needs to sell bonds to finance three construction projects. Special Improvement District (SID) 1401 will construct a turn lane on Molt Road. There will be a cash contribution from Falcon Ridge LLC and $275,000 will be assessed to the property owners in the district. Special Improvement District (SID) 1403 will finance improvements on Gleneagles Boulevard and Lake Hills Drive. The improvements consist of water, sanitary sewer, storm drain, curb and gutter, and street improvements. Ron Hill and the City of Billings will make cash contributions and $240,000 will be assessed to other property owners. Special Improvement District (SID) 1404 will install street lights and park improvements in Annafeld Subdivision. $1,000,000 will be assessed to the property owners in the district.
Upon approval of this resolution, the City can proceed with the sale of the bonds.
Upon approval of this resolution, the City can proceed with the sale of the bonds.
ALTERNATIVES ANALYZED
↵The Council may:
- Approve the resolution; or
- Not approve the resolution and find another funding source which would delay the projects.
FINANCIAL IMPACT
The financial impact will be determined after the bond sale. The interest will be determined during negotiations but will not exceed 5.50%.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that authorizes a negotiated bond sale for the indicated projects.