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Department Approval �. �: � Item Description: �� .r— REQUEST FOR COUNCIL ACTION Date: 07/20/15 Item No.: 14.a City Manager Approval Establish a Date of Sale for the Issuance of the City's 2015 TIF Bonds BACKGROUND At the June 22, 2015 City Council meeting, the Council received an overview of the City's Tax Increment Financing (TIF) districts. As part of that overview, the Council was informed of a number of time-sensitive concerns with respect to the City's Twin Lakes TIF District #17 including the ability to continue the District beyond 2015. The Council was advised that in order to continue the District, the City needed to demonstrate that it � had on-going District obligations to fulfill that necessitated the capture of future increment. As the �� Council is aware, the City is in the planning process for the eventual construction of Phase III of Twin Lakes Parkway, a signalized intersection at I35W and Cleveland, and other related improvements. � However, these improvements are not expected to be completed unti12016 at the earliest. In order to preserve the ability to finance these improvements using future increments, the City would need to issue and close on a TIF Bond prior to September 3, 2015. Because it takes approximately 45 days to fully conduct this process, the Council is advised to take action at its July 20th meeting to set a bond sale date on Monday, August 17, 2015. Results of the sale would be presented and the winning bid awarded at the Council's meeting (work session) that evening. The receipt of the bond proceeds would take place on September 3, 2015. The City's Bond Counsel Briggs & Morgan has drafted the attached resolution setting the date of sale for $3,270,000 in TIF Bonds. POLICY OBJECTIVE Not applicable. FINANCIAL IMPACTS Not applicable. � STAFF RECOMMENDATION � The Council is asked to consider the attached resolution setting the date of sale for the issuance of the City's 2015 TIF Bonds for August 17, 2015. Page 1 of 2