Minutes 08/13/2002 - Laserfiche WebLink

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Au.qust 13, 2002 Financial Impact: · A local cash match of $24,421 is required for the FY 2003 grant. There is no obligation from the City once the grant ends. Motion by Mr. Benn, and seconded by Mr. Moody, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE $244,208 IN THE GRANTS FUND FOR THE 2003 LOCAL LAW ENFORCEMENT BLOCK GRANT (LLEBG) #7 PROGRAM TO PROVIDE ADDITIONAL FUNDING FOR PUBLIC SAFETY IN SUPPORT OF NEIGHBORHOOD QUALITY. Ayes: Benn, Griffin, Moody, Pitts, Randall, Whitehurst Nays: None 02 - 244 - Adoption of a resolution and an ordinance as follows: (a) Adoption of a resolution to contract a debt and to issue general obligations of the City in the form of General Obligation Public Improvement Bonds, the principal amount of which is not to exceed $2,000,000 to finance the costs of improvement for the Victory Crossing Project. (b) Adoption of an ordinance to appropriate $2,000,000 in the Capital Improvement Fund to fund infrastructure related to the redevelopment of the Victory Crossing Project. Recommendation: a) Adoption of a resolution to contract a debt and to issue general obligations of the City in the form of General Obligation Public Improvement Bonds, the principal amount of which is not to exceed $2,000,000. The proceeds of the debt will be to finance the costs of improvements for the Victory Crossing Project. b) Adoption of an ordinance to appropriate $2,000,000 in the Capital Improvement Fund to fund infrastructure related to the redevelopment of the Victory Crossing Project. Purpose and Need: · As a result of Kmart's bankruptcy and the resulting changes related to the development at Victory Crossing, it is necessary for the City to provide additional funding for the project in order to ensure satisfactory completion of the overall project. · The authorization requested is for an amount not to exceed $2 million. Every effort will be made through negotiations with the developer to minimize the actual costs to be incurred by the City. Financial Impact: · A bond anticipation note or line of credit will be issued to fund the improvements with any permanent financing to be issued with the City's next general obligation issue. · These bonds will most likely be taxable as the improvements being made will not be owned by the City, but by the ultimate tenant on the site. · If the full $2 million is needed, the estimated increase in debt service would be approximately $200,000 annually and would be budgeted in future operating budgets.