Title
Resolution Authorizing General Obligation Capital Improvement Bonds (Downtown Development Project) and Amending the Budget by $15,500,000 (8 Votes Required)
Memorandum
On August 9, 2018 Council authorized the publication of Notice of Intent to issue general obligation capital improvement bonds in the amount of $15,500,000.00 for the purpose of financing capital project costs that will include various street, bikeway, sidewalk, streetlight, utility, landscaping and infrastructure improvements and pedestrian amenities in the downtown development area, including Huron Street (between Chapin/Third and Division), First and Ashley Streets (between Madison and Kingsley), and William Street (between Third and State Streets). The bonds are planned to be repaid in full by the DDA, as a contractual obligation to the City (see separate resolution for a Project Financing Agreement), from the DDA's tax increment revenues received pursuant to Act 197, Public Acts of Michigan, 1975, as amended, and from certain revenues of the City's parking system as managed by the DDA.
Since the forty-five day period for a citizen initiated petition for an election has transpired without said petition, staff recommends Council authorize the issuance of the bonds and amend the city's budget for the receipt and payment of the bond proceeds for the project.
Staff
Prepared by: Tom Crawford, Financial Services Area Administrator and CFO
Reviewed by: Betsy Blake, Senior Assistant City Attorney
Approved by: Howard S. Lazarus, City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
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RESOLUTION AUTHORIZING GENERAL OBLIGATION CAPITAL IMPROVEMENT
BONDS (DOWNTOWN DEVELOPMENT PROJECT) AND AMENDING THE BUDGET BY $15,500,000.00 (8 VOTES)
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on the 15th day of October, 2018, at 7:00 o'clock p.m. Eastern Time.
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