Title
Resolution - A Resolution of the City of Mansfield, Texas Expressing the Intent of the City of Mansfield, Texas to Finance Capital Expenditures with the Proceeds of Future Debt Obligations for the Purpose of Funding Public Improvements Including Designing, Acquiring, Constructing, and Improving of Public Infrastructure Including the Construction of Public Parking Facilities, Water and Sewer Infrastructure Improvements and Related Drainage Improvements on the Property Surrounding the Mansfield Fieldhouse
Requested Action
City Council authorize by resolution the reimbursement of General funds from future debt obligations to enable the City of Mansfield, Texas to begin designing, acquiring, constructing, and improving of public infrastructure including the construction of public parking facilities, water and sewer infrastructure improvements and related drainage improvements.
Recommendation
Staff recommends the approval of the Resolution.
Description/History
During the discussions of the capital improvement program for Fiscal Year 2016 and beyond the City Staff and the City Council reviewed the capital improvement needs of the City of Mansfield, Texas. Many improvements were identified during these discussions. City Staff and Council agreed to prioritize the improvements based upon the needs of the City over the next several years. A list of priorities was developed and the immediate needs were identified by City Staff and City Council. Much discussion occurred over the funding of the capital. The City Council as well as City Staff agreed to move forward with the funding of projects for this next year.
The approval of this resolution allows the City to spend current general fund in advance of receiving the bond proceeds for the purpose of funding the projects. The City of Mansfield, Texas will be issuing debt to repay the City for the costs incurred to begin the improvements on the property surrounding the Mansfield Fieldhouse. These improvements are not a complete list of the expected improvements for fiscal year 2016. However, in an effort to be timely, staff is recommending that funding be appropriated for the following improvements with the remaining funding for the other projects to occur later this calendar year.
The Project funding cost of the public improvements is $3,000,000 to service the property surrounding the Mansfield Fieldhouse.
Justification
The Mansfield Parks Facility Development Corporation passed a reimbursement resolution to spend current MPFDC dollars in advance of receiving bond proceeds for the purpose of building the Mansfield Fieldhouse. The City of Mansfield, Texas will incur costs in advance of the receipt of the bond proceeds for the offsite improvements to be constructed simultaneously as the Mansfield Fieldhouse improvements will tie in with the offsite improvements.
Funding Source
General Fund Property Taxes
Prepared By
Peter Phillis, CPA, Director of Business Services
817-276-4261