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Department Approval <br />�. �: � <br />Item Description <br />�� <br />.r- <br />REQUEST FOR COUNCIL ACTION <br />Award the Sale of the City's 2015 TIF Bonds <br />Date: 08/17/15 <br />Item No.: l l .a <br />City Manager Approval <br />BACKGROUND <br />� On July 20, 2015 the City Council established a date of sale of the City's 2015 Tax Increment <br />Financing (TIF) Bonds. Bids on these bonds will be received on the morning of August 17, 2015, with <br />� an award taking place later that evening at the City Council meeting. <br />The purpose of the bonds is to provide financing for the eventual construction of Phase III of Twin <br />Lakes Parkway, a signalized intersection at I35W and Cleveland, and other related improvements. A <br />map detailing the proposed improvements is included in Attachment B. The bonds also create an on- <br />going TIF District obligation which will allow the City to continue capturing increment for future <br />economic development needs in Twin Lakes. <br />The closing (receipt) on the bond proceeds would take place on September 3, 2015. <br />The City's Bond Counsel Briggs & Morgan has drafted the attached resolution (Attachment A) <br />awarding the sale of $3,270,000 in TIF Bonds. <br />POLICY OBJECTIVE <br />Not applicable. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />The Council is asked to consider the attached resolution awarding the sale of the City's 2015 TIF <br />Bonds. <br />REQUESTED COUNCIL ACTION <br />Motion to approve the attached resolution awarding the sale of the City's 2015 TIF Bonds. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution Awarding the Sale of the City's 2015 TTF Bonds. <br />B: Map of Proposed Improvements <br />Page 1 of 1 <br />