SUBJECT
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A Resolution expressing official intent to reimburse with obligation proceeds, not to exceed $5,000,000.00, costs associated with improvements to the multipurpose entertainment arena (commonly known as the Sames Auto Arena) and Baseball Stadium (commonly known as the Uni-Trade Stadium).
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PREVIOUS COUNCIL ACTION
Presentation of Plan of Finance by Noe Hinojosa of Estrada-Hinojosa & Company on July 22, 2024.
BACKGROUND
The Sports and Community Venue Fund will advance an amount not to exceed $5,000,000.00 for improvements for the Sames Auto Arena and Uni-Trade Stadium. This reimbursement resolution will authorize the reimbursement of up to $5,000,000.00 to the Sports and Community Venue Fund from a proposed bond issuance.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Staff recommends the adoption of proposed resolution.
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Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: N
Source of Funds: Sports and Community Venue Fund
Account #: 256
Change Order: Exceeds 25% Y/N: N/A
FINANCIAL IMPACT:
No financial impact at this time.