12.G.
City Council Meeting - FINAL
- Meeting Date:
- 06/21/2022
- From:
- Stacy Saltzburg, City Clerk
Information
TITLE:
Consideration and Adoption of Resolution No. 2022-34: A resolution of the Flagstaff City Council ordering and calling a Special Bond Election of the City for November 8, 2022, in conjunction with the City's General Election, to submit two bond questions to the qualified electors of Flagstaff with respect to selling and issuing general obligation bonds in the aggregate principal amount of $77,285,000, to be repaid with secondary property taxes
STAFF RECOMMENDED ACTION:
1) Read Resolution No. 2022-34 by title only
2) City Clerk reads Resolution No. 2022-34 by title only (if approved above)
3) Adopt Resolution No. 2022-34
2) City Clerk reads Resolution No. 2022-34 by title only (if approved above)
3) Adopt Resolution No. 2022-34
Executive Summary:
The City Council gave direction at the June 7, 2022 Council Meeting to prepare two ballot questions; one related to wastewater/stormwater and fire infrastructure in the amount of $57,285,000, and the other to housing in the amount of $20,000,000. The two questions are as follows:
Investing in City of Flagstaff wastewater treatment, stormwater flood mitigation, and wildfire suppression infrastructure
To address infrastructure needs for the City of Flagstaff, shall the City of Flagstaff be authorized to issue and sell general obligation bonds in a principal amount up to $57,285,000 for the purpose of:
To create rental and homeownership opportunities for residents of Flagstaff, shall the City of Flagstaff be authorized to issue and sell general obligation bonds in a principal amount up to $20,000,000 for the purpose of:
Investing in City of Flagstaff wastewater treatment, stormwater flood mitigation, and wildfire suppression infrastructure
To address infrastructure needs for the City of Flagstaff, shall the City of Flagstaff be authorized to issue and sell general obligation bonds in a principal amount up to $57,285,000 for the purpose of:
- increasing capacity of flood waters within Spruce Wash;
- increasing wastewater treatment capacity at wastewater treatment facilities;
- implementing energy efficiency upgrades at wastewater treatment facilities; and
- replacing wildfire suppression engines and water tankers?
To create rental and homeownership opportunities for residents of Flagstaff, shall the City of Flagstaff be authorized to issue and sell general obligation bonds in a principal amount up to $20,000,000 for the purpose of:
- redeveloping City owned housing to create additional affordable rental units;
- repurposing existing available buildings into rental units;
- incentivizing the private sector to incorporate affordable rental housing into new developments; and
- expanding the homebuyer assistance program?
Financial Impact:
The ballot questions will ask voters to consider the issuance and sale of general obligation bonds for the following:
- $57,285,000 for the purpose of investing in City of Flagstaff wastewater treatment, stormwater flood mitigation, and wildfire suppression infrastructure; and
- $20,000,000 for the purpose of creating rental and homeownership opportunities for residents of Flagstaff.
Policy Impact:
N/A
Connection to PBB Priorities/Objectives, Carbon Neutrality Plan & Regional Plan:
Priority Based Budget Key Community Priorities and Objectives
Carbon Neutrality Plan
Safe & Healthy Community
Inclusive & Engaged Community
Sustainable, Innovative Infrastructure
Robust Resilient Economy
Livable Community
Environmental Stewardship
Inclusive & Engaged Community
Sustainable, Innovative Infrastructure
Robust Resilient Economy
Livable Community
Environmental Stewardship
Carbon Neutrality Plan
CNP-1 Reduces greenhouse emissions from City operations
CNP-2 Leads to reduced greenhouse gas emissions in the community
CNP-2 Leads to reduced greenhouse gas emissions in the community
Has There Been Previous Council Decision on This:
Council directed the City Manager for form a Bond Committee to evaluate potential projects and provide a recommendation to Council.
June 7, 2022 - Staff presented the recommendations of the Bond Committee and Council gave direction to move forward with two ballot questions; one for wastewater/stormwater and fire infrastructure projects and the other for housing projects.
June 7, 2022 - Staff presented the recommendations of the Bond Committee and Council gave direction to move forward with two ballot questions; one for wastewater/stormwater and fire infrastructure projects and the other for housing projects.