Consent 1.L.
Regular City Council Meeting
- Meeting Date:
- 03/25/2013
- TITLE
- Bond Resolution for Tax Increment Urban Renewal Revenue Bonds for the Empire Garage Project
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The City Council has approved the construction and tax increment financing of the Empire Parking Garage and retail space on the corner of North 27th and Montana Avenue. The City staff has been working with D A Davidson on pricing the bonds. A bond purchase agreement has been signed. Council must adopt a resolution that authorizes the sale and outlines the terms and details of the bonds.
ALTERNATIVES ANALYZED
Upon approval of the resolution, the City and DA Davidson will proceed with the bond closing.
FINANCIAL IMPACT
The par amount of the tax exempt and taxable bonds is $13,210,000. The true interest rate is 5.199% for a term of 25 years.
RECOMMENDATION
Staff recommends that City Council approve the bond resolution.