Laserfiche WebLink
Item Coversheet Page 1 of 1 <br /> in <br /> Economic&Community Development <br /> DATE: 4/16/2018 <br /> MEMO: No. 18-14 <br /> TO: Honorable Mayor Julie Moore Wolfe and City Council <br /> FROM: Tim Gleason,City Manager <br /> Raymond Lai,AICP,Economic and Community Development Director <br /> SUBJECT: <br /> Ordinance Authorizing the Ceding of City's 2018 private activity bonding authority to the Central Illinois Economic Development <br /> Authority(CIEDA) <br /> SUMMARY RECOMMENDATION: <br /> Staff recommends approval of the requested ceding by CIEDA. <br /> BACKGROUND: <br /> Each year,Home Rule communities throughout the state receive a direct allocation of private activity bonding authority that <br /> allows a municipality to issue bonds on behalf of a private user for development and housing projects.This year,Decatur has been <br /> authorized to issue a total of$7,992,810 in bonds as part of this allocation,an amount that has to be obligated by May 1,2018 or it <br /> will automatically be returned to the State of Illinois for reallocation to other entities. <br /> In passing this item,the City would maintain control of this authority past May 15t as CIEDA would have to request permission to <br /> utilize it for economic development and housing projects within the region prior to Sept. 1.The City has allocated its volume cap <br /> for the ASSIST homebuyer program in the past in a similar manner but has made this allocation to CIEDA in recent years.Staff <br /> believes that allocating funding to CIEDA provides more bonding flexibility should we need to bond for potential projects and <br /> help ensures that the funding benefits the Central Illinois region.As an example the Crossing Healthcare project utilized CIEDA as <br /> part of its funding for the its new state-of-the-art facility in Wabash Crossing. <br /> POTENTIAL OBJECTIONS: No known objectors <br /> INPUT FROM OTHER SOURCES: <br /> The Central Illinois Economic Development Authority(see attached letter) <br /> STAFF REFERENCE: Contact Ray Lai at 217-424-2727 or RLai@decaturil.gov. <br /> BUDGET/TIME IMPLICATIONS: None <br /> ATTACHMENTS: <br /> Description Type <br /> Ordinance Ordinance <br /> Supporting Documentation Backup Material <br /> https:Hdecatur.novusagenda.com/AgendaWeb/CoverSheet.aspx?ItemID=1479 4/13/2018 <br />