Memorandum

City of Lawrence

City Manager’s Office

TO:	David L. Corliss, City Manager
FROM:	Diane Stoddard, Assistant City Manager
CC:	Cynthia Boecker, Assistant City Manager Ed Mullins, Director of Finance
Date:	January 7, 2010
RE:	Bond Sale for Lawrence-Douglas County Bioscience Authority West Lawrence Labs Project

The City Commission is requested to approve Ordinance No. 8485 and Resolution No. 6873 to complete the sale of $2.975 million in taxable general obligation improvement bonds Series 2010-A for the LDCBA West Lawrence Labs building.  The bond sale will occur on January 12^th and a bid tabulation will be provided to the City Commission that evening. 

Project Description:

This bond sale will fund the purchase of the lab facility located at 4950 Research Parkway in accordance with the request from the LDCBA. The purchase price of the building is $2.3 million.  Additionally, there is approximately $600,000 in the bond issuance to fund improvements to the facility, primarily addressing the zoning of the HVAC system.  The amount of the bond also includes issuance cost of approximately $75,000.

As the Commission is aware, the building will be owned jointly the City and the County, with the building being managed day to day and maintained by LDCBA through a lease arrangement with LDCBA. 

Closing on the real estate is scheduled for January 26, 2010.   

Action Requested:

Adopt Resolution No. 6873 authorizing the sale of taxable general obligation improvement bonds in the amount of $2.975 million, and adopt on first reading Ordinance No. 8485, providing the necessary funds for the acquisition and improvement of the West Lawrence Labs building, located at 4950 Research Parkway.