2021-42 - Tax Exempt Financing

The City desires to obtain a commitment from a qualified financial institution for an up to twenty (20) year, one-million-dollar ($1,000,000) bond, bond anticipation note, loan, or line-of-credit to be secured by tax increment revenues received and deposited in the City’s special fund for the Downtown Development Authority to finance capital improvements and other eligible improvements for projects to be located on the northeast corner of 5th and Cleveland and other smaller qualifying projects to be determined at unspecified locations within the downtown area. Additionally, a few other projects are in formulative stages and may be added to the financing based on mutual agreement of the City and the successful offeror.  Construction of all capital improvements may take up to two years. Proceeds from the financing will be applied to the project at certification of occupancy of the building.