Laserfiche WebLink
CITY COUNCIL <br />AGENDA ITEM 2C <br /> <br /> <br />STAFF ORIGINATOR: Sarah Cotton <br /> <br />MEETING DATE: September 25, 2017 <br /> <br />TOPIC: Resolution No. 17-104, Canceling the 2017/2018 Debt Service <br />Tax Levy for G.O. Tax Increment Financing Bond, Series 2007A <br /> <br />VOTE REQUIRED: Simple Majority <br /> <br /> <br />BACKGROUND <br /> <br />In June 2007, the City Council awarded the sale of $4,215,000 General Obligation Tax <br />Increment Financing Bonds, Series 2007A to finance the reconstruction of the 35W/Lake Drive <br />interchange and related improvements. At the time of issuance, an annual tax levy was <br />included in the bond documents for the payment of future debt service. It was fully anticipated <br />that the annual debt service would be satisfied by TIF revenue collections and through the use <br />of MSA funding, and that the tax levy would be evaluated and canceled, if possible, on an <br />annual basis. <br /> <br />Following an analysis of the resources available for payment of the ensuing year debt service, <br />staff has concluded that adequate resources are available, and recommends that the debt service <br />tax levy for 2017, collectible in 2018 be canceled by the City Council. By adopting Resolution <br />No. 17-104, the City Council hereby cancels the 2017/2018 debt service levy for this bond <br />issue. <br /> <br /> <br />RECOMMENDATION <br /> <br />Staff recommends adoption of Resolution No. 17-104. <br /> <br />ATTACHMENTS <br /> <br />Resolution No. 17-104