pages: CityCouncil/2014-07-29.pdf, 9
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CityCouncil | 2014-07-29 | 9 | Construction of a New Fire Station 3 and Authorize the City Manager or His Designee to Negotiate and Execute All Related Financial Documents on Behalf of the City Consistent with the Terms Described in the Staff Report with I Bank or Another Financial Institution; (14-339 A CC) Resolution No. 14958, "Authorizing the Submission of the Application to the California Infrastructure and Economic Development Bank (I Bank) for Financing of the Construction of Fire Station 3, Declaration of Official Intent to Reimburse Certain Expenditures from Proceeds of Obligation, and Approving Certain Other Matters in Connection Therewith, Including the Authorization for the City Manager or His Designee to Execute All Related Financial Documents on Behalf of the City." Adopted; (14-02 A CAFA) Resolution No. 14-04, "Authorizing the Commencement of Proceedings in Connection with the External Lease Financing of a New Fire Station 3 and Authorizing the Executive Director to Negotiate, Execute and Deliver All Appropriate Financing Documents within Specified Parameters." Adopted; (14-339 B CC) Resolution No. 14959, "Authorizing the Commencement of Proceedings in Connection with the External Lease Financing of a New Fire Station 3 and Authorizing the City Manager to Negotiate, Execute and Deliver All Appropriate Financing Documents within Specified Parameters." Adopted; (14-339 C CC) Approve an Interfund Loan for the Financing of a New Fire Station 3; (14-339 D CC) Authorize the Sale of the Property at 1703 Grand Street (Existing Fire Station 3); and (14-339 E CC) Appropriate $400,000 from City Funds for the Financing of a New Fire Station 3. The Finance Director gave a brief presentation. *** Councilmember/Authority Member Tam left the dais at 8:23 p.m. and returned at 8:25 p.m. Mayor/Chair Gilmore inquired whether there would not be any penalty for early payment of the external financing, to which the Finance Director responded that staff would include no penalty for early payment when the documents are executed; stated typically, a blend is done for bonds; for example, full payment might be allowed after ten years because it makes selling the bonds easier; if the City is able to use I Bank, it differs; I Bank is more competitive and offers incentives to cities; Alameda benefits from having a lower per capita income; 4.5% is the current rate in the private market and I Bank would be lower. Mayor/Chair Gilmore inquired whether four votes are needed since the Council would just be approving the concept of selling property. Joint Meeting Alameda City Council and City of Alameda Financing Authority July 29, 2014 | CityCouncil/2014-07-29.pdf |