Title
Resolution Authorizing Publication of Notice of Intent to Issue Capital Improvement Bonds to Fund the Replacement of Fire Station No. 4 (Not to Exceed $12,000,000.00) (6 Votes Roll Call)
Memorandum
Recommended for Council is a Resolution approving the publication of a Notice of Intent to Issue Capital Improvement Bonds (Limited Tax General Obligation) in the maximum principal amount of $12,000,000.00. The purpose of the issuance is to finance some, or all, of the costs to construct, furnish and equip a fire station to replace Fire Station No.4, which was built in 1966.
The project would build the City's first carbon-neutral facility, a net-zero fire station, one of the first in the state, at the current Fire Station No. 4 location on Huron Parkway. This facility will produce energy through geothermal heating and cooling, solar panels, and an architectural design that encourages energy efficiency. In addition, the facility will also be gender-neutral to accommodate firefighters of all gender identities.
The purpose of this resolution is to authorize publication of a Notice of Intent to Issue Bonds, to inform the electors and taxpayers of the City of Ann Arbor of the bonds' purpose and their right to petition for a referendum on the question of their issuance. The City intends to issue the bonds without a vote of the electors, but the bonds may not be issued until 45 days after publication of this notice, ending the referendum period. At that time, staff will present Council with another resolution to consider for final approval to authorize the issuance of the bonds.
Staff anticipates that the City of Ann Arbor will be responsible for repayment of the bond proceeds, interest, and other related issuance costs through the allocation of State of Michigan Public Act No. 289 fire protection funds, which are allocated to municipalities that provide fire protection service to state-owned facilities.
Staff
Prepared by: Marti Praschan, Interim Deputy Ci...
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