Special Improvement District (SID) 1395 was created in May 2013.  The SID was created to build Boca Raton Road from Clubhouse Way to Annandale Road.  The project was bid on July 23, 2013 and all the bids were higher than the engineer's estimate and budget for the project.  Staff recommended and the City Council rejected all the bids.  Public Works staff re-evaluated the design and the project.  The project was rebid in February 2014.  The City received acceptable bids and staff is ready to proceed with the construction and financing.  A total of $176,000 will be assessed to benefitting property owners. 

The City staff has been working with Royal Johnson on the sale of the bonds. A bond purchase agreement has been signed. Council must adopt a resolution that outlines the terms and details of the bonds.  

Upon approval of the resolution, the City and Royal Johnson will proceed with the bond closing. If the Council does not approve the resolution there would be a delay in the closing and receiving the bond proceeds, which could lead to the inability to timely pay the contractor and stopping or slowing the project.

The debt service payment will be made from the assessments on the affected properties. 

Staff recommends that City Council approve the bond resolution for SID 1395, Boca Raton Road.