Title
Notice of Intent to Issue General Obligation Capital Improvement Bonds to Fund Construction of a Parking Structure at First and Washington Streets (Not To Exceed $9,000,000.00)
Memorandum
On December 1, 2008 Council approved the site plan for the redevelopment of the City owned site located on the southeast corner of First and Washington Streets, which includes the construction of a parking structure with approximately 240 spaces. The Downtown Development Authority has entered into an agreement to pay for the construction of the parking deck, subject to it meeting specific design standards. The DDA anticipates funding the cost of construction by 15% from reserves and 85% from bond proceeds.
Recommended for Council consideration is the publication of a notice of intent to issue general obligation capital improvement bonds in the maximum principal amount of $9,000,000, for the purpose of financing the construction of a parking structure at First and Washington Streets. The Bonds are secured as a general obligation of the City.
The City’s bond counsel, Dykema Gossett, prepared the notice with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Chief Financial Officer
Reviewed by: Mary Joan Fales, Senior Assistant City Attorney
Approved by: Roger W. Fraser, City Administrator
Body
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan held on Monday, December 15, 2008, at 7:00 o’clock p.m. Eastern Standard Time.
PRESENT: Councilmembers Briere, Smith, Rapundalo, Derezinski, Greden, Taylor, Higgins, Teall, Anglin, Hohnke, and Mayor Hieftje, 11;
ABSENT: 0.
The following preamble and resolution were offered by Councilmember Smith and supported by Councilmember Teall:
WHEREAS, the City of Ann Arbor, County of Washtenaw, State of Michigan (the “City”) intends to issue and sell general obligation capital improvement bonds, pursuant to the Revised Municipal Finance Act, Act 34, Publi...
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