Title
Resolution Authorizing Publication of Notice of Intent to Issue General Obligation Capital Improvement Bonds to Fund Downtown Development Authority Project (Not To Exceed $15,500,000.00) (6 Votes Roll Call)
Memorandum
Recommended for Council is the publication of a notice of intent to issue general obligation capital improvement bonds in the maximum principal 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, 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.
The City's bond counsel, Dykema Gossett, prepared the attached notice with further review by the City Attorney.
Staff
Prepared by: Tom Crawford, Financial Services Area Administrator and CFO
Reviewed by: Betsy Blake, Senior Assistant City Attorney
Approved by: Howard Lazarus, City Administrator
Body
CITY OF ANN ARBOR
County of Washtenaw, State of Michigan
__________________________________
RESOLUTION AUTHORIZING PUBLICATION
OF NOTICE OF INTENT TO ISSUE GENERAL OBLIGATION
CAPITAL IMPROVEMENT BONDS
(DOWNTOWN DEVELOPMENT PROJECT)
Minutes of a regular meeting of the City Council of the City of Ann Arbor, County of Washtenaw, State of Michigan, held on Thursday, August 9, 2018, at 7:00 o'clock p.m. Eastern Time.
PRESENT: Councilmembers Kailasapathy, Bannister, Westphal, Lumm, Grand, Ackerman, Eaton, Warpehoski, Smith, Mayor Taylor, 10;
ABSENT: Councilmember Krapohl
The following p...
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