Agenda - Council - 11/13/2001 - Laserfiche WebLink

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I I I I I I I I I I I I I I I ACCEPT PROPOSALS ON TERMS OF BOND SALE FOR TAX INCREMENT BONDS SERIES 2001C & 2001D By: Diana Lund, Finance Officer Background: At the October 23, 2001, City Council meeting, Tax Increment District #10 was created to incorporate the development of what will be called the Sunfish Business Park. Land acquisition, street, sewer, water and storm sewer are necessary costs associated with the development of this park. Funding for these projects would be funded from the sale of tax increment bonds. At the October 29, 2001, Council work session, The City's financial consulting firm of Juran and Moody presented preliminary bond numbers and was authorized to sell the bonds through the process known as a negotiated bond sale, and bring the results back to the November 13, 2001, City Council meeting. The Issuance o£Bonds will be as such: $1,220,000 will be sold for the purchase of land. These bonds will be taxable as land acquisition can not be purchased through tax-exempt bonds. $1,045,000 will be issued for the public improvements of water, sewer, street and storm sewer. As these are improvements, tax-exempt bonds are allowed to be issued for their funding. Repayment of these bonds will be made with the increment collected in Tax Increment District # 1. Committee Action: Recor~end that Council accept terms of bond sale and ado~ Resolutions #01-1 l-XXX/awarding the sale of $1,220,000 General Obliga~xable Tax Increment Bonds, Series 2001D and adopt Resolution ~01-11-~warding the sale ors 1,045,000 General Obligation Tax Increment Bonds, Series 2001C. Council Action: Motion to authorize the adoption of Resolution ~01-11-X awarding the sale orS 1,220,000 General Obligation Taxable Tax Increment Bonds, Series 2001D And adopt Resolution ~01-11-XX~warding the sale of $1,045,000 General Obligation Tax (ncrement Bonds, Series 2001D.~ City Administrator Finance Officer FC: I 1-13-01 -237-