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Department Approval <br />e,4 7"e. /nA <br />qASFAbhE <br />REQUEST FOR COUNCIL ACTION <br />Date: 10/17/11 <br />Item No.: 13 . a <br />City Manager Approval <br />Item Description: Continue Discussion on the Use of the City's Port Authority for the Purposes of <br />Financing the Construction of a new Fire Station and Park Improvements <br />1 BACKGROUND <br />2 At the October 10, 2011 City Council meeting, the Council received Staff s recommendation to utilize the <br />3 City's Port Authority to finance the construction of a new fire station and park improvements. During this <br />4 meeting, the Council indicated a desire to learn more about the City's Port Authority powers before taking <br />5 any formal action. Formal action is scheduled for consideration at the October 24, 2011 Council Meeting. <br />6 <br />7 Specifically, the Council made several inquiries including: <br />s <br />9 ❖ Will the Port Authority be a separate body, be the Council itself, or will the Council simply be <br />10 exercising the City's Port Authority powers? <br />11 ❖ Can the City choose to hold a public hearing on the use of the Port Authority even if the Statutes <br />12 don't require it? <br />13 ❖ Do projects financed with bonds issued under the Port Authority require the use of best -value <br />14 contracting? <br />15 <br />16 Mary Ippel, from the law firm of Briggs & Morgan, serves as the City's Bond Counsel. She will be present <br />17 at the meeting to address these and any other inquiries. She will also be attending the Council meeting on <br />18 October 24tH. <br />19 <br />20 POLICY OBJECTIVE <br />21 Enabling the City's Port Authority to finance the construction of a new fire station and park improvements <br />22 is consistent with the goals established by Imagine Roseville 2025, and prior Council directives. <br />23 FINANCIAL IMPACTS <br />24 An $8 million bond for the Fire Station is expected to have an annual impact of approximately $36, or $3 <br />25 per month for a typical home. The annual debt service would be approximately $735,000. <br />26 <br />27 A $19 million (overall) bond for Park Improvements is expected to have an annual impact of approximately <br />28 $70, or $6 per month for a typical home. The annual debt service would be approximately $1,430,000. <br />29 <br />Page 1 of 2 <br />