Title
Authorization of Interquest South Business Improvement District to issue up to $4,000,000 in debt as Limited Property Tax and Public Improvement Fee Revenue Bonds. (Legislative Item)
Presenter:
Conrad Olmedo, Comprehensive Planner II, Planning & Community Development
Carl Schueler, Comprehensive Planning Manager, Planning & Community Development
Body
Summary:
This is a request to approve issuance of debt in the initial principal amount of $3,485,000 with an authorization of up to $4,000,000 by the Interquest South Business improvement District ("District") in the form of a Series 2017 bond, to be repaid from a combination of limited property tax and public improvement fee (PIF) revenues. The City's Special District Policy and the District's approved Operating Plan and Budget require that City Council's approval be obtained prior to issuing any debt. Approval of this debt issuance will require a 2/3rds majority of the entire City Council (at least six affirmative votes) pursuant to City Charter Section 7-100.
This item is related to the previous agenda item pertaining to an exclusion of property from this District.
This item will be presented for action at the October 24th, 2017 City Council meeting.
Previous Council Action:
The BID was established pursuant to Ordinance 04-238 adopted by Council on October 26, 2004, which Ordinance approved the initial operating plan and budget ("Operating Plan") for the BID. In 2009 City Council approved and Ordinance 09-21 including additional property into this BID. On September 22, 2015, Council approved a resolution temporarily appointing two members to this board (Resolution 93-15). On this same date, City Council approved Ordinance 15-71 in order to authorize that special appointment process. On May 9, 2017 City Council approved a resolution appointing members to the Board of Directors (Resolution 54-17). The BID's Operating Plan has been approved annually since that time in accordance with S...
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