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2010.06.07 RESO 2010-0022
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2010.06.07 RESO 2010-0022
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City Council
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Resolutions
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• Project #1: Public Safety Facility <br />In 1998 the City of Hugo Economic Development Authority ("EDA") issued its $1,165,000 Public <br />Project Revenue Bonds, Series 1998. The proceeds of that issue were used to construct a Public <br />Safety Facility within the corporate boundaries of the city. The City of Hugo ("City") currently <br />leases that facility from the EDA. The City intends to formally acquire ownership of the Public <br />Safety Facility via the issuance of new Capital Improvement Plan bonds. <br />Statutory Factors considered: <br />#1: Condition of existing facilities and need for repair or replacement: <br />Condition of the (original) existing facilities and its improvement needs are described as <br />follows: <br />1. Prior to the new Public Safety Facility being constructed by the EDA in 1998, <br />the condition of the city's existing structure would have been described as poor. <br />Further, the facility contained insufficient space for storage of the City's <br />firefighting equipment and vehicles. <br />2. The original facility was located in an area of the city where the only access <br />points to main arterial roadways were at uncontrolled intersections. <br />3. The original site of the facility also included unheated vehicle bays, with offices <br />in an adjacent trailer that was also in poor condition. <br />#2: Demand and Need for the Project: <br />The need for this project is a result of the items listed above as well as the following: <br />1. The original structure did not contain enough bays to allow for the acquisition <br />and proper storing of additional firefighting vehicles and equipment. <br />2. To properly serve the community the City desired a facility that included a training <br />room, laundry facilities, and additional office and storage space. <br />#3: Estimated Cost <br />The initial cost to design, construct, and finance this project in 1998 was $1,165,000. As of the <br />time of the drafting of this plan amendment, the outstanding principal of the EDA's Public <br />Project Revenue Bonds, Series 1998 is $390,000. This amount, along with approximately <br />$15,000 in administrative and finance costs, represent the acquisition cost of the facility and is <br />to be financed through the issuance of G.O. Capital Improvement Plan bonds. <br />#4: Available Public Resources: <br />Acquisition costs will be funded with the proceeds of G.O. Capital Improvement Plan bonds. <br />The City will levy property taxes for bond payments. <br />M <br />Property <br />Funds on <br />Year <br />Tax <br />Bonding <br />Hand <br />Total <br />2010 <br />$ - <br />$ 405,000 <br />$ - <br />$ 405,000 <br />2011 <br />$ - <br />$ - <br />$ - <br />$ - <br />2012 <br />$ - <br />$ - <br />$ - <br />$ - <br />2013 <br />$ - <br />$ - <br />$ - <br />$ - <br />2014 <br />$ - <br />$ - <br />$ - <br />$ - <br />M <br />
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