SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Expressing the Intent of the Town to be Reimbursed for Certain Expenses Relating to the Construction of Certain Public Improvements
Department
DEPARTMENT: Finance
Presenter
PRESENTER(S): Sara Hancock, Director of Finance
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Time
TIME ESTIMATE: 15 minutes
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For time estimate: please put 0 for Consent items.
Fiscal
FISCAL SUMMARY: N/A
Policy
POLICY ISSUES:
Per Council direction, this resolution allows the process of Certificates of Participation (COPs) issuance for the Public Safety expansion and mine mitigation projects to proceed.
Recommendation
STAFF RECOMMENDATION:
Staff recommends approving the resolution.
Body
SUMMARY/KEY POINTS
Council directed staff to proceed with the issuance of Certificates of Participation (COPs) for the Public Safety building expansion, Town Center mine mitigation, and Erie Community Center mine mitigation.
* This resolution allows the projects to begin the contracting and encumbrance process while the COPs are issued.
* The resolution provides for the reimbursement of certain costs incurred by the Town prior to the receipt of any proceeds of the financing mechanism.
* Town staff will bring initial agreements for these projects to Council for approval, referencing this resolution. This resolution will allow the appropriation of the financing ahead of issuance.
* This resolution only authorizes the reimbursement of funds and currently does not appropriate any funds.
BACKGROUND OF SUBJECT MATTER:
The Town of Erie Town Council and staff have engaged in ongoing discussions on the funding mechanism for both the Erie Public Safety Building expansion, as well as Town Center and Erie Community Center (ECC) mitigation projects. After the Council's September retreat, Council gave staff direction to proceed with the issuance of Certificates of Participation (COPs) for these projects. The total estimated cost for the Public Safety buildi...
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