SUBJECT: Ordinance authorizing the issuance of an additional $18,500,000 in bonds by the Midtown Redevelopment Authority on behalf of Reinvestment Zone Number Two (Midtown Zone).
RECOMMENDATION: (Summary)
City Council adopt an ordinance authorizing the issuance of an additional $18.5 million in Authority obligations by the Midtown Redevelopment Authority.
SPECIFIC EXPLANATION:
In previous ordinances, City Council authorized the Midtown Redevelopment Authority (“Authority”) to issue bounds in an aggregate principal amount not to exceed $79,500,000 outstanding at any one time in addition to $6,000,000 in notes outstanding at any one time.
To implement its City Council approved amended Project Plan and Reinvestment Zone Financing Plan, the Authority will need to obtain financing to fund its current year and future year design and construction plans. Approval of this ordinance will allow the Authority to issue an additional $18.5 million in obligations to provide funding to support the refinancing of Midtown Park, a proposed parking garage and street projects in the proposed annexed area to sustain the economic viability of the City’s core and to enhance the quality of life for citizens.
The Administration recommends that City Council approve this Ordinance to provide the capital needed to support redevelopment projects in the Zone consisting primarily of major roadway, street reconstruction, parks and greenspace, and pedestrian improvement projects.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Donna Edmundson, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney