SUBJECT:
Title
An Ordinance Concerning the Financing of the Acquisition and Construction of a Police Facility and Related Improvements and Other Capital Improvements of the Town, and In Connection Therewith Authorizing the Execution and Delivery By the Town of A Site Lease Agreement, A Lease Purchase Agreement, and Other Documents Related Thereto; and Providing Other Matters Related Thereto
Department
DEPARTMENT: Finance
Presenter
PRESENTER(S): Sara Hancock, Director of Finance
Mattie Prodanovic, Hilltop Securities
end
Time
TIME ESTIMATE: 30 minutes
end
For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY:
N/A
Policy
POLICY ISSUES:
Financing the Public Safety Building and Mine Mitigation projects is within the purview of the Town Council.
Recommendation
STAFF RECOMMENDATION:
Approve the ordinance.
Body
SUMMARY/KEY POINTS
This ordinance is required to facilitate the execution and delivery of Certificates of Participation (COPs) for the Town of Erie's Public Safety Building and Mine Mitigation projects.
* The Ordinance, if approved by Council, establishes certain parameters within which the COPs may be issued.
* The Town will participate in a ratings call, receive a credit rating, and post the preliminary offering statement.
* Once complete, the COPs will be priced and the Town will close, with funds available for the projects.
BACKGROUND OF SUBJECT MATTER:
On Nov. 18, 2025, the Town Council approved the 2026 Budget, which included three projects to be funded through Certificates of Participation (COPs). The Public Safety Building (maximum cost $47 million), Town Center mine mitigation ($5.1 million), and Erie Community Center mine mitigation ($2 million). All projects are anticipated to be under construction in 2026. The budget includes an anticipated COP payment of $3,190,199 in 2026. Any overage for the payment can be identified and appropriated in a supplemental process.
In anticipation of these proje...
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