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I <br />I <br />I <br />I <br />I <br />I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />ACCEPTING PROPOSALS ON THE SALE OF GENERAL OBLIGATION TAX <br />INCREMENT BONDS, <br /> SERIES 200lA & 200lB <br /> By: Diana Lurid, Finance Officer <br /> <br />Background: At the December 12, 2000, City Council meeting Tax Increment D~stric~ <br />#8 was created to incorporate the development of the Maken property and the budget for <br />Tax Increment District #2 was amended to include the purchase of the Sauter property. <br />Funding for these projects, which would include land, street, sewer and water, would be <br />funded from the sale of tax increment bonds. The bonds would be repaid with the <br />increment collected from the development of the Maken/Sauter parcels. <br /> <br />At the November 28, 2000 City Council meeting, the Council authorized the sale of <br />$1,680,000 in General Obligation Taxable Tax Increment Bonds. and $920,000 Tax <br />Increment Bonds with a bond sale date of December 19, 2000. <br /> <br />Recommendation: Staff recommends that Council adopt ReSolution #00-12-,'CXX <br />awarding the sale of $1,680,000 General Obligation Taxable Tax Increment Bonds, <br />Series 200 lA and adopt Resolution #00-12-XXX awarding the sale of $920,000 General <br />Obligation Tax Increment Bonds, Series 200lB. <br /> <br />Council Action: Motion to authorize the adoption of Resolution #00-125-XXX <br />'awarding the sale o£ $1,680,000 General Obligation Taxable Tax Increment Bonds, <br />Series 200lA and $920,000 'G~neral Obligation Tax Increment Bonds, Series 2001B; <br />providing for their issuance; and pledging for the security thereof tax increments. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />CC: 12/19/00 <br /> <br /> <br />