Legislation Details

File #: 09-0257    Version: 1 Name:
Type: Resolution Status: New Business Item
File created: 8/11/2009 In control: City Council
On agenda: 8/24/2009 Final action: 8/24/2009
Title: Consider approval of a Resolution authorizing the execution and delivery of a Financing Agreement between the City of Rock Hill, South Carolina and the Greens of Rock Hill, LLC relating to the financing of publicly-owned improvements within the Riverwalk Municipal Improvement District; and other matters relating thereto.
Attachments: 1. 8-24-09 GREENVILLE-#270316-v1-Resolution Financing_Agreement_-_Riverwalk_MID, 2. Riverwalk GAP Letter 08_18_09pdf, 3. 8-24-09 Riverwalk Case Study Model Summary, 4. Financing Agreement

Title

Consider approval of a Resolution authorizing the execution and delivery of a Financing Agreement between the City of Rock Hill, South Carolina and the Greens of Rock Hill, LLC relating to the financing of publicly-owned improvements within the Riverwalk Municipal Improvement District; and other matters relating thereto.

Body

The Financing Agreement describes the agreements, plans and intentions of the City and the Riverwalk developer in financing the construction of publicly owned infrastructure and amenities serving the Riverwalk site.  The Financing Agreement is a companion agreement to the Riverwalk Development Agreement.  The Financing Agreement is the result of a Memorandum of Understanding between the City and the developer in early 2008.  The terms of the Financing Agreement are based on detailed analysis of the developer’s financial capability and gap financing analysis performed by the City’s development finance consultant.  A copy of the consultant’s report is also attached.  City Council is asked to approve the Financing Agreement.