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AUTHORIZING ISSUANCE AND AWARDING THE SALE OF $1,035,000 <br />GENERAL OBLIGATION TAXABLE.TAX INCREMENT REFUNDING BONDS <br />OF 2006 <br /> BY: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />On October 25, 2005, City Council approved the acquisition of 14165 Ramsey <br />Boulevard, known as B&A Cylinder from Fisher Enterprises in the amount of <br />$1,120,000. The price was amended to $1,007,670 to represent a reduction in total <br />square footage of the site. The purchase agreement for this property will be presented as <br />a case in tonight's City Council agenda. <br /> <br />Funding for the property would be through the issuance of Tax Increment bonds Which <br />would be paid back with the increment generated in Tax Increment Financing District <br />#1 .District #1. <br /> <br />Moody's confirmed the City's A1 bond sale on this issue. A copy of the report is <br />attached. They did make one comment that was not listed on the report and that was that <br />the debt load of the City is relatively high, but manageable if growth continues. <br /> <br />Recommendation: Staff recommends that Council adopt <br />authorizing the issuance and sale of $1,035,000 General <br />Increment Bonds, Series 2006A. <br /> <br />Resolution <br />Obligation <br /> <br />#05-12-XXX <br />Taxable Tax <br /> <br />Council Action: Motion to authorize the adoption of Resolution <br />authorizing the issuance and sale of $1,035,000 General Obligation <br />Increment Bonds. <br /> <br />#05-12-XXX <br />Taxable Tax <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 12/13/05 <br /> <br />-586' <br /> <br /> <br />