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CITY COMMISSION AGENDA ITEM |
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Department: |
City Manager’s Office |
Commission Meeting Date: May 15, 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. 7252, amending bond documents related to the HERE project at 1101 Indiana Street, to extend the documents through December 31, 2018. |
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Executive Summary: |
In 2014, the City of Lawrence issued Industrial Revenue Bonds (IRBs) to enable the HERE project to access a sales tax exemption certificate for the construction materials used in the construction of its project. The project has taken longer than originally anticipated, particularly with regard to the change from the originally proposed automated parking system to agreeing on the current project, which includes on-site and some off-site, but nearby, parking. The off-site parking that is required by the City also requires the realignment of Fambrough Drive into W. 11th Street. The construction on this portion of the project is expected to commence this month.
In order for HERE to be able to utilize the project exemption certificate to cover this portion of the project, the bond documents need to be extended through the end of this year. The project is still anticipated to be several million under its original $76 million bond cap, so no additional fiscal impact to the City is anticipated with this extension.
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Strategic Plan Critical Success Factor |
Collaborative Solutions Economic Growth and Security |
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Fiscal Impact (Amount/Source): |
No additional fiscal impact on the City is anticipated with this extension. |
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Attachments: |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |