Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 10/23/2017
- TITLE
- Resolution Establishing Compliance with Reimbursement under Internal Revenue Code for East Billings Urban Renewal District Construction Projects
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
The City proposes to undertake certain improvements consisting of the design, construction and installation of storm sewer improvements, curb, gutter and sidewalk improvements; street reconstruction including parking and bike lanes, landscaping and street lighting.
ALTERNATIVES ANALYZED
The City Council may:
- Approve the resolution and proceed with the projects with the ability to reimburse expenses when the bonds are sold; or
- Not approve the resolution, in which case the City will have to suspend work on the project until bonds sell or will have to find alternative ways to pay for the expenses incurred prior to the bond sale.
FINANCIAL IMPACT
This Resolution will not result in additional costs to the project.
RECOMMENDATION
Staff recommends that the City Council approve the attached resolution that will allow the City to reimburse expenses related to the proposed projects within the East Billings Urban Renewal District that it will incur prior to issuing bonds for the project.