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Title
Resolution declaring expectation to reimburse expenditures with proceeds of future debt in the amount of $366,426.92 for the purchase of 5.478 acres of property located at 2100 W. Warrior Trail
Presenter
Tom Cox, Deputy City Manager
Recommended Action
Approve
Analysis
On July 17, 2015, the City closed on the purchase of 5.478 acres of property located at 2100 W. Warrior Trail. The property is bounded by W. Warrior Trail to the south and Waterwood Drive to the east. It is bounded by Prairie Paws Animal Shelter on the west and Central Park is on the north. This purchase was finalized by City staff on an expedited basis with a timing deadline having been reached for a go or no go decision to be made with potential earnest money forfeiture a consideration.
The site has previously been discussed with Council and received a positive response. At this time City staff is requesting Council ratification of the purchase of this property to enhance the Central Park area for the enjoyment of all citizens and maintain common park areas for long standing presence in the city of Grand Prairie.
Financial Consideration
The Capital Lending and Reserve fund will be reimbursed with proceeds from future debt issued for this purpose.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, DECLARING EXPECTATION TO REIMBURSE EXPENDITURES WITH PROCEEDS OF FUTURE DEBT FOR LAND PURCHASE WITH PROCEEDS OF FUTURE DEBT FOR THE EPIC CENTER AT CENTRAL PARK
Whereas, the City of Grand Prairie, Texas (the "Issuer") intends to issue debt for land purchase for Central Park/Epic Center, (the "Project") and further intends to make certain capital expenditures with respect to the Project and currently desires and expects to reimburse the general fund with proceeds of such debt;
Whereas, under Treas. Reg. 1.150-2 (the "Regulation"), to fund such reimbursement with proceeds of tax-exempt obligations, the Issuer must declare its expectation to make such reimbursement; and
Whereas, the Issuer desires to preserve its ability to reimburse the general fund with proceeds of tax-exempt obligations.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
SECTION 1. THAT THE Issuer reasonably expects to reimburse the Capital Lending and Reserve Fund expenditures with respect to the Project with proceeds of debt hereafter to be incurred by the Issuer, and that this resolution shall constitute a declaration of official intent under the Regulation. The maximum principal amount of obligation expected to be issued for the Project is $366,426.92.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 4TH DAY OF AUGUST, 2015.