2001 AGN DEC 04 I05 - Laserfiche WebLink

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SUBJECT: DATE: CITY OF COLTON AGENDA REPORT HONORABLE MAYOR & MEMBERS OF THE CITY COUNCIL AL HOLLIMAN, ASSISTANT CITY MANAGER REIMBURSEMENT RESOLUTION FOR FINANCING SPORTS PARK PROJECT COSTS NOVEMBER 21, 2001 Item # 5 At the November 6, 2001 City Council Meeting, the City Council approved amendments to the agreements with Big League Dreams for the construction and management of a community sports park. In addition, the City Council approved a bond financing team for the issuance of debt to fund certain portions of the project costs. Prior to the issuance of bonds, it is anticipated that the City will close escrow on the portion of the project site formerly know as Frontier Town. In addition, some planning and design costs may be incurred as well. Under Section 1.150-2 of the Department of Treasury Regulations, if the City Council so approves a resolution, certain qualified expenses, paid prior to bond issuance, may be reimbursed to the City from bond proceeds. The City has enough cash and budgetary appropriations to pay for the Frontier Town land acquisition and any planning/design costs incurred prior to the issuance of bonds (estimated in February, 2002). However, approval of the attached resolution provides flexibility to the City to be reimbursed from bond proceeds and to redirect the expenditures (estimated at $2 million) to other uses, if the City Council so desires. Staff does not anticipate recommending any reallocation of funds, but approving the reimbursement resolution does no harm. N/A