Agenda Item Name:
Title
Bond Resolution for the Sports Events Center
End
Presenter:
Tommy Crosby, Assistant County Manager, 337-6205
Description:
The two attached resolutions are needed now to begin the process of funding the Sports Event Center. The Master Resolution to issue not to exceed $30 Million in bonds to construct the facility, and a Reimbursement Resolution to allow the County to be reimbursed by the bond proceeds for any costs incurred between now and the actual bond issue. Staff will return to the Board to request approval of details/parameters before the Bond closing and Staff will also return to the Board to request specific authorization to prior to incurring any costs between adoption of the Master Resolution and the actual bond closing. In addition, staff is requesting the Board to authorize bond counsel in initiate a bond validation process.
Recommended Action:
Recommended Action
Adopt the two resolutions and authorize bond counsel to initiate the bond validation process.
End
Prior Board Motions:
At the Board's March 23, 2021 Regular Meeting Commissioner Alford moved to direct staff to continue to engage with the development team on the design to maximize the sports events potential of the facility while maintaining the financial pro forma.
The motion carried 5-0.
At the Board's Jan 26, 2021 meeting Commissioner Wheeler moved the following:
1) Authorize the Chair to sign a pre-development agreement consistent with the term sheet not to exceed $1 Million and
2) Authorize staff to work with the Operator to finalize the project development and operations agreements for future Board consideration.
3) The Board will review the plans at the 60% completion point.
2nd
Chestnut
The motion carried 5-0.
At the November 10, 2020 Board Meeting Commissioner Cornell moved to direct staff to negotiate a term sheet for the financing, construction and operation of a Sports Events Center with the most responsive proposer. And 2) bring back the r...
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