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File #: RES 2017-088    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/10/2017 In control: Town Council
On agenda: 10/17/2017 Final action: 10/17/2017
Title: Resolution Approving the Miller's Landing Business Improvement District 2018 Operating Plan and Budget
Attachments: 1. Resolution, 2. Exhibit 1: 2018 Operating Plan and Budget

To:                     Honorable Mayor and Members of Town Council

 

From:                     Bob Slentz, Town Attorney

 

Title

Resolution Approving the Miller’s Landing Business Improvement District 2018 Operating Plan and Budget

Body

________________________________________________________________________________

 

Executive Summary

 

The Miller’s Landing Business Improvement District (“BID”) was approved by Town Council in 2016 with the specific purpose of undertaking the public financing of the Miller’s Landing development (“Project”).  The role of the BID in financing the Project is prescribed in the Public Finance Agreement (“PFA”) previously approved by Council.

 

The Business Improvement District Act requires that the BID annually obtain approval from the Council of the following year’s operations plan and budget. 

 

The 2018 operating plan ties to and incorporates the PFA.   Under the PFA the BID will serve as the principal public financing entity for the Project.  Accordingly, the BID will issue bonds to finance the landfill remediation and construction of the public improvements, supported by the revenue streams of the URA property tax increment, Credit and Add-On Public Improvement Fees, and the BID’s 50-mill property tax levy.  The 2018 operating plan envisions BID debt issuance in 2018.  Before debt may issue, the BID will have to obtain Town approval of a Plan of Finance for the debt.

 

Proposed Motion

 

“I move to approve the Resolution as introduced by title.”

 

Attachments

 

Attachment A                     Resolution