 |
AGENDA ITEM REVIEW FORM |
0.
Work Session
- Meeting Date:
- 08/16/2017
- Department Head:
- Kay Macuil
- Submitted By:
- Kay Macuil, City Attorney, Attorney's Office
Action Requested:
Discussion Item - No Action to be Taken
ITEM:
Discussion and possible directions to staff on any and all matters regarding a work session to discuss and consider a plan to refinance taxable and tax-exempt loans from the Greater Arizona Development Authority entered into in 2009 which financed and refinanced the costs of an approximately 84,000 square foot building, portions of which have been leased by the city, by entering into refunding installment purchase agreements, the interest paid on which will be either taxable or tax-exempt as would be most advantageous to the city. (Mark Reader, Managing Director in Public Finance, Stifel)
SUMMARY:
Mark Reader is an expert in city financing with more than 25 years of experience. He will present options for City Council's consideration for spending less money on paying off the loans on the building known as the Price Center and the tax implications. If City Council directs staff to proceed, then staff will return at a future meeting with an action item.
At this time, staff requests direction as to:
(1) whether to proceed with refinancing the building known as the Price Center debt and
(2) if staff is to proceed, which option Council prefers.
At this time, staff requests direction as to:
(1) whether to proceed with refinancing the building known as the Price Center debt and
(2) if staff is to proceed, which option Council prefers.
RECOMMENDATION / SUGGESTED MOTION:
Discussion and possible directions to staff only, no action.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- N/A
- CITY/STATE/FEDERAL FUNDS:
- N/A
- TOTAL:
- N/A
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- N/A
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
This is a discussion item only, no fiscal impact at this time.