HomeMy WebLinkAbout19-05 RESOLUTIONRESOLUTION NO. 19-05
A RESOLUTION AUTHORIZING THE PREPARATION OF CERTAIN
DOCUMENTATION FOR THE SUBSEQUENT APPROVAL OF THE
CITY COUNCIL RELATED TO THE PROPOSED ISSUANCE BY THE
CITY OF FAYETTEVILLE TAX INCREMENT BONDS (HIGHWAY
71 EAST SQUARE REDEVELOPMENT DISTRICT PROJECT),
SERIES 2005, IN A FORM AND AMOUNT TO PROVIDE A PROJECT
FUND OF $3,500.000.00 (THE "BONDS") FOR THE PURPOSE OF
FINANCING THE COSTS OF ACQUISITION AND DEMOLITION OF
CERTAIN REAL PROPERTY LOCATED WITHIN THE DISTRICT;
AND PRESCRIBING OTHER MATTERS RELATING THERETO
WHEREAS, in order to alleviate blight and encourage development within the Highway
71 East Square Redevelopment District (the "District") created pursuant to Ordinance No.4673
adopted on January 25, 2005, the City intends (i) to acquire certain real property and demolish
certain existing structures thereon (the "Project"), which property is located within the District
and consists primarily of the former Mountain Inn property, former Niblock Law Offices, former
Red Bird Restaurant and the former Washington County Courts Building, and (ii) upon the
satisfaction of certain conditions, to sell such cleared property to a private developer for the
purpose of constructing a hotel, meeting and associated parking facilities thereon; and
WHEREAS, it has been determined that the most advantageous method of financing the
costs of the Project is through the issuance by the City of its Tax Increment Bonds (the "Bonds")
pursuant to Amendment 78 to the Arkansas Constitution ("Amendment 78") and Arkansas Code
Annotated (2003 Supp.) Sections 14-168-301 et seq. (the "Act"); and
WHEREAS, the City has determined to consider the issuance of the Bonds, subject to
the final approval of terms of the Bonds by ordinance of the City Council, and to authorize the
Underwriters and Bond Counsel, hereinafter designated in Sections 2 and 3, respectively, with
the advice and assistance of the Mayor, City Attorney and City staff, to take certain actions in
preparation for the issuance and sale of the Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS THAT:
Section 1: The Bond Counsel, as hereinafter defined, with the advice and assistance
of the Mayor, City Attorney and City staff, is hereby authorized to prepare documents relating to
the issuance and sale of the Bonds, provided, however, the City Council shall first adopt an
approving ordinance before any such documents are binding upon the City.
Section 2: The firm of Kutak Rock LLP is hereby designated as bond counsel ("Bond
Counsel") in connection with the issuance and sale of the Bonds
Section 3: The firm of Crews & Associates, Inc. is hereby designated as underwriter
(the "Underwriter") for the purpose of marketing the Bonds and advising the City concerning the
• •
financing of the Project. The sale of the Bonds to the Underwriter will be accomplished pursuant
to the terms of a bond purchase agreement to be presented for the approval of the City Council.
Section 4: The provisions of this resolution are hereby declared to be separable and if
a section, phrase or provision shall be declared to be invalid, such declaration shall not affect the
validity of the remainder of the resolution.
Section 5: All resolutions and parts thereof in conflict herewith are hereby repealed
to the extent of such conflict.
PASSED and APPROVED this 1 s t day of February, 2005.
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FAY ETTEVILLE
ATTEST:
By: )ade4,
SONDRA SMITH City Clerk
By:
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APPROVED:
D • N COODY, Mayor
Clarice Pearman - Res. 19-05
From: Clarice Pearman
To: Williams, Kit
Subject: Res. 19-05
Page 1
Attached is a copy of the resolution passed by City Council February 1, 2005 regarding the TIF District.
There was no backup material for this resolution I figured this is where I should this since the other TIF
ordinances were returned to you. If not, please let me know who these should be routed.
Thanks.
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