Title
Consider approval of the Financing Plan for Cycling and Outdoor Center facilities.
Strategic Goal: Short and Long Term Economic Development, Objective: Support the Riverwalk development through infrastructure assistance and public amenities
Body
This Financing Plan is proposed in accordance with the Memorandum of Understanding approved at the July 26, 2010 City Council meeting, a copy of which is included in your agenda package. This plan will fund construction of the Velodrome, BMX, Cyclocross, and Mountain Biking Trails at Riverwalk at a projected cost of $5,000,000. The financing plan includes both New Markets Tax Credits and a Recovery Zone Economic Development Bond designation that will save the City an estimated $3.4 million in financing costs over a 20 year period. This financing structure requires a closing date by December 31, 2010 and also requires that the facilities are complete by December 31, 2011, approximately a year ahead of our previous schedule. The details of the Financing Plan are included in your Council package. Upon approval of the Financing Plan from Council, staff will bring an ordinance for Council consideration in November 2010 to authorize issuance of the bonds.
Pertinent information is attached for your review.