AGENDA MEMORANDUM

 

Meeting Date:           September 25, 2006

 

From:                          Bill Pfeilsticker, Finance Director                              

 

Subject:                      Resolution expressing the intent to acquire the Kristen Court Apartments, located in the SW quadrant of the intersection of CR4688 and Schoolview Street, and existing capital assets; expressing intent to reimburse from loan proceeds those costs of the project incurred prior to loan closing.

 

                                    Resolution designating the finance team for the Kristen Court Apartment  project financing, authorizing the City Manager and City Clerk to execute the engagement agreements, and authorizing the City Manager to retain other professional firms.

 

 

Staff Recommendation:

1)      Staff recommends approval of the resolution to expedite the project financing.

 

2)      Staff recommends approval of the resolution, which provides necessary flexibility to the City in the event of need to reimburse to the City funds spent in advance of the loan closing; it also authorizes the execution of documents and allows for retaining professional firms for the financing process.

 

Analysis:

1)      The reimbursement resolution is required by the U.S. Treasury if the City is to be reimbursed from loan proceeds for those costs of the project incurred prior to loan closing.

 

2)      The Finance Team with respect to the issuance of the Tax Exempt Financing shall consist of D.A. Davidson & Co. as Financial Advisor; and Akerman Senterfitt, as Bond Counsel. The City Manager is hereby authorized to execute and deliver to the various members of the Finance Team supplemental or amended engagement letters in customary form, as needed. The City Manager is also authorized to work with the Finance Team to retain other professional firms, as needed, to assist in the process of the Tax Exempt Financing.

 

Options:

1.  Approve the resolutions as presented; or,

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

None

 

Submission Date and Time:    9/21/2006 8:11 AM____

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                 

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ________RS___________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________