City of Rock Hill - File #: 10-0190

• File #: 10-0190
• Version: 1
• Type: Resolution
• Status: New Business Item
• File created: 10/6/2010
• In control: City Council
• On agenda: 10/11/2010
• Final action: 10/11/2010
• Title: Consider a Resolution authorizing the execution and delivery of one or more agreements with the Greens of Rock Hill, LLC relating to the design of a Velodrome; declaring the City’s intent to reimburse expenditures paid in connection therewith from the proceeds of certain obligations issued pursuant to the American Reinvestment and Recovery Act; and other matters relating thereto. Strategic Goal: Short and Long Term Economic Development, Objective: Support the Riverwalk development through infrastructure assistance and public amenities.

Date	Ver.	Action By	Action	Result
10/11/2010	1	City Council

Title

Consider a Resolution authorizing the execution and delivery of one or more agreements with the Greens of Rock Hill, LLC relating to the design of a Velodrome; declaring the City’s intent to reimburse expenditures paid in connection therewith from the proceeds of certain obligations issued pursuant to the American Reinvestment and Recovery Act; and other matters relating thereto.

Strategic Goal:  Short and Long Term Economic Development, Objective: Support the Riverwalk development through infrastructure assistance and public amenities.

Body

This resolution authorizes a reimbursement not to exceed $300,000 from future financing, for the design and engineering of the Velodrome.   The current financing plan calls for a combination of New Markets Tax Credit and Recovery Zone Bond designation.  This financing structure requires completion of the Velodrome by December 31, 2011.  In order to accomplish this tight construction schedule, the design phase needs to begin as soon as possible, which makes this reimbursement resolution necessary.  The resolution provides that any cash flow necessary, not to exceed $300,000 is funded from TIF funds.