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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: April 17, 2018 |
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Staff Contact: |
Diane Stoddard, Assistant City Manager |
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Recommendations/Options/Action Requested: |
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Adopt Resolution No. 7248, approving the issuance by the City of Wichita, Kansas of its health care facilities revenue bonds for the purpose of financing and refinancing the acquisition, construction, improvements and equipping of the Presbyterian Manor facility located at 1429 Kasold Drive in Lawrence. |
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Executive Summary: |
Presbyterian Manor, which operates a facility in Lawrence at 1429 Kasold Drive, has utilized the City of Wichita to issue hospital revenue bonds for its various facilities located across the State of Kansas. As Gilmore & Bell, the City’s bond counsel, outlines in the attached memo, Presbyterian Manor is requesting authorization from various cities within which it has facilities which will benefit from bond issue improvements to authorize the issuance of bonds by the City of Wichita on its behalf. They consolidate these issuances to save issuance costs. Similar action has been requested by the City of Lawrence with past issuances. In this particular case, $125,000 of the issuance relates to the facility here in Lawrence and it will be used to overlay the facility parking lot.
As outlined in the Gilmore & Bell memo, Presbyterian Manor is not requesting any bond issuance incentives, tax abatement or sales tax exemption from any of the participant cities. Since there is no incentive being requested by the City of Lawrence, this request is coming directly to the City Commission and does not require the review of the Public Incentives Review Committee.
The City Commission will need to hold a public hearing on this item. Staff recommends approval of the resolution as presented.
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Strategic Plan Critical Success Factor |
Economic Growth and Security |
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Fiscal Impact (Amount/Source): |
There is no fiscal impact. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |