Title
Ordinance - Ordinance Authorizing the Issuance and Sale of City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation, Series 2016; Levying a Tax in Payment Thereof; Prescribing the Form of Said Certificates; Approving Execution and Delivery of a Purchase Agreement; Approving the Official Statement; Approving an Engagement Letter; and Enacting Other Provisions Relating Thereto
Requested Action
The City Council of the City of Mansfield, Texas, adopt an Ordinance authorizing the issuance and Sale of Bonds, Series 2016, for the purpose of street improvements and capital equipment in the City of Mansfield, Texas.
Recommendation
Staff recommends the approval of the Ordinance.
Description/History
During the fiscal year of 2015, the City established capital program priorities for fiscal year 2016. Much discussion occurred regarding the prioritization of funding and it was determined that the City’s Street Program and related infrastructure needed funding to continue improving the circulation of traffic within the City, and that infrastructure improvements are needed surrounding the Fieldhouse to address the potential development of the property surrounding the Fieldhouse. The issuance of bonds is for the purpose of improving the City’s transportation infrastructure and preparing the surrounding land of the Fieldhouse with public infrastructure for future development.
Street Improvements - $12,070,000
|
Cedar St. (Palm to Magnolia)/Laurel Ct |
$550,000 |
|
Magnolia St. (Broad to Shady Valley) |
610,000 |
|
Short St. |
285,500 |
|
Main to FM 157 Connector/Russell - Design/ROW |
300,000 |
|
Walnut Creek/Pleasant Ridge Rt Turn Lane |
300,000 |
|
S.H. 360 Bridge Participation |
6,000,000 |
|
Traffic Signal Implementation (City Wide) |
950,000 |
|
Misc. Overlays |
1,000,000 |
|
Mouser Way Construction |
854,500 |
|
FM 917 Landscaping |
200,000 |
|
Price Road |
370,000 |
|
E. Broad Landscaping |
200,000 |
|
Street Lights (FM 917/Heritage) |
450,000 |
|
Project Totals |
$12,070,000 |
Other Infrastructure- $3,500,000
This money is for the infrastructure cost associated with the land south of the Fieldhouse land. These improvements will allow the property to be developed south of the Fieldhouse and allow the infrastructure to be put in place before the Fieldhouse is constructed around most of the infrastructure that will service the land south of the Fieldhouse land.
Justification
The funds will be used to improve traffic circulation within the City and to prepare the land surrounding Fieldhouse with the necessary infrastructure to improve the surrounding land for future development.
Funding Source
The City of Mansfield, Texas as defined by Ordinance - General Fund.
Prepared By
Peter Phillis, CPA, Director of Business Services