Regular 2.
Regular City Council Meeting
- Meeting Date:
- 07/12/2010
- TITLE
- Public Hearing and Resolution Granting Approval for 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. A public hearing will be held on July 12, 2010 on this project. After hearing public comments on the project, the council will consider the resolution approving the bond sale.
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
Staff recommends that the City Council approve the attached resolution authorizing the sale of economic development revenue bonds for COR Enterprises in an amount not to exceed $1,790,000.