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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: Dec. 06, 2016 |
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Staff Contact: |
Britt Crum-Cano, Diane Stoddard, Thomas M. Markus |
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Recommendations/Options/Action Requested: |
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Approve first reading of Ordinance No. 9316 authorizing the issuance of up to $3.6 million in industrial revenue bonds (IRBs) and authorize the Mayor to execute the necessary bond documents for the 826 Pennsylvania Street project. |
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Executive Summary: |
On November 1, 2016, the City Commission approved Resolution of Intent No. 7174 to issue Industrial Revenue Bonds (IRBs) for the 826 Pennsylvania Street project. The resolution of intent is a strong signal that the city intends to eventually issue the bonds for the project. Additionally, it enables a sales tax exemption certificate to be provided for the project.
The next step in the process is the authorization of the issuance of the bonds. This is accomplished with the bond ordinance. Additionally, the Mayor will need to sign various bond documents for the bond closing. The ordinance also authorizes the Mayor to sign these documents. |
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Strategic Goal Area: |
Economic Development |
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Fiscal Impact (Amount/Source): |
Estimated City portion of sales tax exemption is $43,585. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |