Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF MANSFIELD ECONOMIC DEVELOPMENT CORPORATION SALES TAX REVENUE BONDS, NEW SERIES 2016, IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $15,500,000 IN ACCORDANCE WITH SPECIFIED PARAMETERS; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; APPROVING EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT, PAYING AGENT/REGISTRAR AGREEMENT AND BOND COUNSEL ENGAGEMENT LETTER; APPROVING THE OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT.
Requested Action
Approval of Resolution authorizing the sale of bonds in the amount of $15 million for the construction of legally eligible infrastructure related to the Shops at Broad development located at the NE Corner of Broad Street and US Highway 287, the necessary improvements to Broad Street and the extension of Regency Parkway
Recommendation
Approval of Resolution authorizing the sale of bonds in the amount of $15 million for the construction of legally eligible infrastructure related to the Shops at Broad development located at the NE Corner of Broad Street and US Highway 287, the necessary improvements to Broad Street and the extension of Regency Parkway
Description/History
In order to facilitate the development of the Shops at Broad MEDC is funding the construction of infrastructure, improvements to Broad Street and the extension of Regency Parkway.
Justification
This development will bring retail and commercial development that will increase the tax base and provide a variety of retail, leisure and entertainment options for the citizens of Mansfield.
Funding Source
4A
Prepared By
[Scott Welmaker, Director, 817-728-3651]