Resolution to Establish a Project Budget for First and Washington Parking Structure ($8,666,075) (8 Votes Required)
Attached for your review and approval, please find a resolution to approve a project budget for $8,666,075 for the First and Washington Parking Structure. It is necessary to establish a Project Budget for the parking structure in order to process the required disbursements for bond issuance costs and transfer the remaining funds to the Downtown Development Authority (DDA) in accordance with the terms of the Parking Agreement between the City, DDA and Village Green previously approved by City Council.
The bonds for this project were sold on January 22, 2013, which sale was authorized by City Council on October 4, 2010. The DDA parking system is responsible for paying the debt service with the City as guarantor.
Prepared by: Tom Crawford, Financial and Administrative Services Administrator
Approved by: Steven D. Powers, City Administr...Click here for full text