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File #: 2016-483    Version: 1 Name:
Type: Authorization Status: Passed
File created: 11/16/2016 In control: City Council
On agenda: 11/21/2016 Final action: 11/21/2016
Title: Adopt an Authorizing Resolution approving intergovernmental economic development agreements with the Downtown Smyrna Development Authority as well as a Bond Placement Agreement with the Placement Agent and the Downtown Smyrna Development Authority, all of which are related to refunding of bonds issued in 2014 related to the Smyrna Grove project.
Sponsors: Ron Fennel
Attachments: 1. Issue Sheet 2016-483.pdf, 2. Authorizing Resolution _ 2016 _ Smyrna Grove Refunding(101891212_1).pdf

Impact

WARD:  Ward 7

 

COMMITTEE:  Finance and Administration

 

$ IMPACT: 

 

Title

Adopt an Authorizing Resolution approving intergovernmental economic development agreements with the Downtown Smyrna Development Authority as well as a Bond Placement Agreement with the Placement Agent and the Downtown Smyrna Development Authority, all of which are related to refunding of bonds issued in 2014 related to the Smyrna Grove project.

 

 

Body

ISSUE:  Due to changes in the bond market, the Downtown Smyrna Development Authority is able to refinance bonds that were issued in 2014 incident to the Smyrna Grove project. This will result in a savings of $357,000 or $316,000 on a present value basis

 

BACKGROUND: 

 

RECOMMENDATION/REQUESTED ACTION: