HomeMy WebLinkAbout1998 Resolution No. 094•
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RESOLUTION NO .~
SERIES OF 1998
A RE SOLUTION OF THE CITY OF ENGLEWOOD , COLORADO DECLARING ITS
omcIAL INTENT TO REIMB URSE ITSELF WITH THE PRO CE EDS OF A FUTURE
TAXABLE OR TAX-EXEMPT BORROWI NG FOR CERTAI N CAPITAL EXPENDITURES
TO BE UNDERTAKEN BY THE CITY ; IDE NTIFYING SAID CAPITAL EXPENDITURES
A. D THE FUNDS TO BE USED FOR SUC H PA YM E:-.IT; AND PROVIDING FO R
CERTAIN OTHER MATTERS IN CONNECTION THER EWI TH.
WHEREAS , the City of Englew ood (th e "Ci ty"), in the State of Colorado (th e "State"), ,e a
muru cpal corporation duly organized and exis tin g pursuant to its Home Rul e Charter and
the Co nautuuon and laws of the St ate : and
WH EREAS, the Ci ty Co un cil of the City (t he "City Cou ncil") 1s the governing bod y of the
City ; and
WHER EA S, the City Council ha s dete rm ined that It IS in the be st interest of the City to
~ake ce rtain cap ital exp e nditures on th e renova ti on and improve me nt of the Cind erell a City
Rede>·e lo pm ent and Civ,c Cente r Proj ect (the "Proje ct'): and
WHEREAS , the City Co uncil curren tly in te nds and rea sona bl y elpecte to particip ate in a
t.axn ble or ta."t-e l:empt borro wing to fi nance s uch cnpital expe nditures, said amount not to
aceed S24 ,000 .000 (the "Fin an ced Am ount "); to reimbu rse th e City for the porti on of such
a1 p1 tal exp enditures incurred or to be inc urred s ubsequent to a date which is 60 days prior
to t he da te hereof, but before such bo rrowing and whi ch 1e withi n 18 month s of th e date of
w eb ca pital expenditure s or th e pl acmg in servi ce of the ProJ ect, whic hever 1s later (bu t in no
~·ent more than 3 years after th e date of the onginal expendi ture of such moneys): and
WHE REAS , the City Coun cil hereby des ire to declare Its offi cal inten t , pursuant to 26
C.F .R. Sec tion 1.15 0-2 , to reimburse the City for s uch capita l expe nditux es wit h the proceed s
a! the City's fu ture tax abl e or tax -e xemp t bo rrow in g:
J\:OW, T HER EFORE , BE IT RESOLVE D BY THE CITY COU NC IL OF THE CITY OF
Z NGLEWOO D, CO LORADO, THA T:
Swum..1 . P ec1a.rat100 of Offi crn l Int ent The Ci ty shall . prese ntly int ends, and
!"easo nabl y exp ects to fi nance the Proie ct w1th le gally avatlo ble funds .
~-ls ~ua nc:e of Bond ~ or '1ote ~. The City pre se ntly in te nds and reaso nab ly
expeet.S tO part 1ct pate 111 a taxab le or ta x-exemp t bo rro win g w1t hm 18 month s of th e da te of
t.be ex:p endtture of -u oneys on the ProJect or th e dat e up on whi ch the ProJ ct 1s place d in
.ier\'lce , wtuc he ,•er 1s la ter (but m no event :n ore th i.,.n 3 years afte r th e da te Cl f the origin al
~rpend1:ur e of s uch moneys ); and fur ther mte nds to allocat e fro m sai d borrowing an amount .
~t to ex:.:eed the Financed Am ount , to rei mburse the City fo r lt.S exp en ditur es m conn ect1 on
-,th th e Pro1e ct .
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~. Confirmatinn of Prior Acta -All pnor act,:, of the officials, agents and employees
of the City which are in conformity wtth the p-and intent of this Reaolution, and in
furtherance of the Project, shall be and the oam,e hen,by arc in all respects ratified,
approved and confirmed.
ADOPTED AND APPROVED this 5th y of October , 1998.
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'· '°"'"''"' •-""'-C;cy '""' • .,,,. °'" E~o "-•~ """'"" above is a true co py of Resolution No.'Ef; Seru,,, of 1998 .
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Lo ucrishia A . Ellis
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COUNCIL COMMUNICATION
Date Agenda Item Subject
A resolution declaring the intent
of the City to reimburse ilself
with proceeds of a future
October 5, 1998 11 c I borrowing for capital ~
connected to the Cinderwla
City Redevelopment Project
and lhe proposed Civic Center
Initialed By
Department of Financial Services
I Slaff Source
Frank Gryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City Council has made improving the City of Englewood 's public facilities an d image a top priority.
The redevelopment of Cinderella City and proposed Civic Cen ter addresses both goals.
RECOMMENDED ACTION
Staff recommends the City Council approve the aaached resolu tio n .
BACKGROUND, ANALYSIS, AND AL TERN/\TIVES IDENTIFIED
The City of Englewood has recognized the need for a new city hall for some time . In 1996, a facilities
master was ~ompleted that quantifi ed the space ne eds of the Citf of Englewood.
Community members, staff, and City Council have recognized that the Foley's building was a viaole
bu ilding that should be used and not razed with the rest of the structures on the site. Consequently,
the Foley 's building has been incorporated in the plans to renovate the Cinderella City site .
This resolution allows the City to reimburse itself with the proceeds of certificates of parti.:ipation Iha!
the City is planning to issue prior to the end of 1998.
No alternatives were identified.
FINANCIAL IMPACT
The total net issuance for the City 's portio n of tne Cinderella City Redevelopment Project and pr.:,posed
Civic Center is not to exceed $24 mill ion. This will be financed by issuing certificates of participz!ion.
LIST OF ATTACHMENTS
Proposed resolution