Title
Resolution - A Resolution Relating to the Giving of Notice of Intention to Issue City of Mansfield, Texas Combination Tax and Revenue Certificates of Obligation; Declaring Intent to Reimburse Certain Prior Capital Costs; and Approving Other Matters Related Thereto
Requested Action
The City Council ratify a Resolution giving notice of intent to issue Combination Tax and Revenue Certificates of Obligation. The notice is to announce to the public that the City will be issuing bonds on August 22, 2016 for the purpose of designing, developing, constructing, and equipping a public recreational ice skating facility, including related parking, streets, water and sewer, and related fees for professional services associated with the issuance of the bonds.
Recommendation
Staff recommends approval of the Resolution.
Description/History
The City has been considerig a comprehensive mixed-use development at the corner of Highway 287 and Broad Street for many years. GuyerMorris, the property owner, has submitted a comprehensive land development for the land which includes the integration of a recreational ice skating facility within the development that will be owned by the City. The City is issuing debt to build this facility within the development which has been called the Shops at Broad. The amount of debt the City will be issuing is $3,500,000 for the recreational amenity.
Justification
The funds will be used to construct the recreational amenity for the citizens within the Shops at Broad which will improve the livability of the City.
Funding Source
Ad Valorem taxes; the cost of this issuance is not expected to raise the tax rate.
Prepared By
Peter Phillis, CPA, Deputy City Manager
(817) 276-4261