From
Cheryl Davenport
Title
Reimbursement resolution to the FY 2015/2016 Parks Venue Fund with a future bond sale that is pledged by Parks Venue sales tax revenues in the amount of $4,500,000 for additional funding for the EPIC
Presenter
Tom Hart, City Manager
Recommended Action
Approve
Analysis
The City consulted with numerous stakeholders to share ideas and dreams for the City's EPIC mega project. EPIC has developed into a "Wow" design that will "make a splash" for the City and results in the need for additional funding request for contingency item and a wave pool, revenue-generating feature.
In pursuit of the state's procurement regulations, the City is required to possess funds available for the entire cost of the project to proceed with our EPIC project. Therefore, we request the City Council to approve additional funding mechanisms to achieve the community's EPIC dream.
The request for additional funding is fiscally sound and retains each funds' integrity, as well as, delivering all features involved with EPIC such as PlayGrand. This request is not an operational (recurring) cost for EPIC but only for its construction project.
Financial Consideration
A reimbursement resolution in the amount of $4,500,000 in Park Venue Operating Fund with an upcoming bond sale of which the debt service payments based on Park Venue sales tax revenues.
Body
RESOLUTION DECLARING EXPECTATION TO REIMBURSE
EXPENDITURES WITH PROCEEDS OF FUTURE DEBT
STATE OF TEXAS §
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COUNTIES OF DALLAS, §
ELLIS AND TARRANT §
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CITY OF GRAND PRAIRIE §
WHEREAS, the City of Grand Prairie, Texas (the "Issuer") intends to issue debt to improve and add to all of the Issuer's parks and recreation system (the "Project") and further intends to make certain capital expenditures with respect to the Project and currently desires and expects to reimburse the capital expenditures with proceeds of such debt;
WHEREAS, the Issuer desires to preserve its ability to reimburse th...
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