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I ��� <br /> I <br /> Eco�mic&Con�rnunity I7evelaprr�nt <br /> DATE: 4115t2019 <br /> MEMC}: No. 14-24 <br /> TO. Honorable Mayor Julie Moore Wolfe and City Cauncii <br /> FROM: Scot Wrightan,City Manager <br /> Rayrnond L,ai,Ecanomic and Ca�rnnuuity Development <br /> Tim Dudley,Develop�nt a�Revitalization Specialist <br /> SUBJECT: <br /> Ordinance Authorizing the Ceding of City's 2019 private activity bonding authority to the Central Illinois Economic <br /> Development Authority(CIEDA}. <br /> SUl��IMARY RECOMMENDATIUIV: <br /> Staff recammends approval of the requested ceding by CIEDA. <br /> BACKGROUND: <br /> Each year,Horr�Rule communities throughout the state receive a direct altot�nt of debt issuance authority from the CTEDA. If <br /> the city dpes not anticipate using the band issuance authority,they can pass it back for use by other entities. <br /> �n passing this item, the City would maintain control of this issuance authority past May l��as CIEDA wauld then have to <br /> request pernussian to utilize it for ecanamic developrnent and housing projects within the region prior to Sept. 1. After Sept. 1, <br /> CIEDA may issue bonds for projects in our region using aur bonding allocation zf unused,with authorization by the Mayor or <br /> City Manager. Reallocation of the City's bonding authority accurs aan January 1 of the following year,rneaning that the city will <br /> receive a fresh authorization in 2020--if it is needed. Staff believes that allocating funding to CIEDA provides more banding <br /> fle�biiity should we need ta bond for potenrial projects,and it helps ensure that the funding benefits the Central Illinais region. <br /> As an e�rnple, the Crossing Healthcare project utilized CTEDA as part oF its funding fpr the recent state-of-the-art facility itt <br /> Wabash Crossing. <br /> PRIOR COUNCIL ACTION: The city has taken similar action in some previous years. <br /> P4TENTIAL OBJECTIONS: Na known objectars <br /> INPUT FROM OTIIER SOl1RCE5: <br /> The Cenbral Illinais Ecpnomic Developrnent Authority(see attached letter) <br /> STAFF 12EFERENCE: Contact Ray Lai at 217-424-272'7 or Rl,ai@decaturil.gav and Tim Dudley at 217-450-2337 or <br /> TDudley@decaturil.gov <br /> BUDGET/TIME IMPLICATIONSt None <br /> ATTACHMENTS: <br /> Description Type <br /> 4rdinance t)rd i na�lcc <br /> Supporting Documentation Backup M<ltcr-ial <br />