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DEVELOPMENT SERVICES MEMORANDUM <br /> No. 13-25 <br /> April 1, 2013 <br /> TO: Honorable Mayor Michael T. McElroy and City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Billy Tyus, Assistant City Manager <br /> SUBJECT: Ordinance Authorizing the Ceding of City's 2013 private activity bonding <br /> authority to the Central Illinois Economic Development Authority (CIEDA). <br /> BACKGROUND: Each year, Home Rule communities throughout the state receive a <br /> direct allocation of private activity bonding authority. This year, Decatur's home rule cap <br /> is $7,229,120 which must be obligated by May 1, 2013 or it automatically goes back to <br /> the State of Illinois for reallocation to other entities. In passing this item, tihe City would <br /> maintain control of this authority past May 1 and, if it is not needed this year, CIEDA <br /> will be able to use the authority for economic development and housing projects within <br /> the region. The City has allocated its volume cap for the ASSIST homebuyer program in <br /> the past in a similar manner but staff believes that allocating funding to CIEDA provides <br /> more bonding flexibility should we need to bond for potential projects and ensures that <br /> the funding benefits the Central Illinois region. <br /> POTENTIAL OBJECTORS: No known objectors <br /> INPUT FROM OTHER SOURCES: The Central Illinois Economic Development <br /> Authority <br /> STAFF REFERENCE: Contact Billy Tyus at 424-2727 or btyus@decaturil.gov <br /> BUDGET/TIME IMPLICATIONS: None <br />