Explanation
BACKGROUND:
This ordinance authorizes the issuance of limited tax bond anticipation notes in an amount not to exceed $28,000,000 to refund outstanding bond anticipation notes issued for the purpose of financing the costs of constructing the Starling Street Parking Garage. The original note was issued in 2020 in the amount of $32,500,000. Proceeds from the 2021 note sale will be used to provide for the payment of a portion of the 2020 notes that will mature on November 19, 2021.
FISCAL IMPACT: A note in an amount not to exceed $28,000,000 will be issued. This ordinance also includes additional monies to provide for the cost of advertising, printing and legal services and other costs incidental thereto, currently estimated not to exceed $50,000. It is the intent that the debt service associated with the issuance of the notes will come from revenues generated from the operation of the city's existing parking garages and future revenues generated from the Starling Street Parking Garage.
Title
To authorize the issuance of limited tax bond anticipation notes in an amount not to exceed $28,000,000.00 for the purpose of financing the costs of constructing the Starling Street Parking Garage ($28,000,000.00).
Section 44-1(b) of the City Charter.
Body
WHEREAS, City Council (the “Council”) of the City of Columbus, Ohio (the “City”) has previously authorized an agreement with Capital South Community Urban Redevelopment Corporation for planning, design and construction of a parking facility containing approximately 1,400 parking spaces and known as the Starling Street Garage Project (the “Project”); and
WHEREAS, Council has issued notes dated November 19, 2020, in anticipation of the issuance of bonds described herein, in the aggregate principal amount of $32,500,000, which notes will mature on November 19, 2021 (the "Outstanding Notes"); and
WHEREAS, it appears advisable in lieu of issuing bonds at this time to issue new notes in anticipation of...
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