Agenda Item # 9.j.
City Commission Regular Meeting
- Meeting Date:
- 04/06/2015
- Re
- Authorization of $1.1 Million Advance to Complete Marina Dock Reconstruction
- Submitted For:
- Gloria Johnson
SUBJECT:
Approval of the investment of $1.1 million from the available HUD Bond resources to fund the remaining contractual obligations of the City of Fort Pierce Marina Dock Reconstruction Project.
SUMMARY:
Funding in the amount of $1.1 million is needed to complete the final stages of the Marina Dock Reconstruction Project. In an attempt to address the funding issue, staff is advocating using $1.1 million of the HUD Bond debt prepayment funds to complete the project. The funds would be financed as a loan with a rate of 3% for 8 years. Financing in this manner will save issuance cost; additionally, our debt limit will not be affected.
RECOMMENDATION:
Approve the investing of $1.1 million dollars from the available HUD Bond resources to fund the remaining contractual obligations of the City of Fort Pierce Marina Dock Reconstruction Project.
ALTERNATIVES:
Recommend other financing sources
RESPONSIBLE STAFF:
Finance Director and Chief Accountant
COORDINATED WITH:
City Manager, Deputy City Manager, City Attorney, Marina Manager, FEMA Grant Coordinator, and Project Coordinator
Fiscal Impact
- Budgeted Y/N:
- N
- Fiscal Year:
- Account:
- Amount:
- $1.1 M
OTHER INFORMATION:
The advance monthly payments will be $12,902.53, annually $154,830.36. The cumulative amounts are principal, $1,100,000 and interest $138,642.80.
Attachments
- Memo from Finance Director
- Marina Phase II Financing Needs
- Loan Amortization Schedule
- Marina Debt Requirements
- City's Debt Limit
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Finance Department (Originator) | Johnna Morris | 03/27/2015 11:54 AM |
| City Manager | rbradshaw | 03/30/2015 10:48 AM |
- Form Started By:
- Johnna Morris
- Started On:
- 03/27/2015 11:15 AM
- Final Approval Date:
- 03/30/2015