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DEVELOPMENT SERVICES MEMORANDUM <br /> No. 11-21 <br /> April 13, 2011 <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: 2011 Private Activity Bonding Authority <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached Ordinance <br /> Authorizing the Ceding of City's 2011 private activity bonding authority to the Central Illinois <br /> Economic Development Authority (CIEDA). <br /> BACKGROUND: Each year, Home Rule communities throughout the state receive a direct <br /> allocation of private activity bonding authority. This year, Decatur's home rule cap is $7,238,905 <br /> which must be obligated by May 1, 2011 or it automatically goes back to the State of Illinois for <br /> reallocation to other entities. In passing this item,the City would maintain control of this <br /> authority past May 1 and, if it is not needed this year, CIEDA will be able to use the authority for <br /> economic development and housing projects within the region. The City has allocated its volume <br /> cap for the ASSIST homebuyer program in the past in a similar manner but staff believes that <br /> allocating funding to CIEDA provides more bonding flexibility should we need to bond for <br /> potential projects and ensures that the funding benefits the Central Illinois region. <br /> POTENTIAL OBJECTORS: No known objectors <br /> INPUT FROM OTHER SOURCES: The Central Illinois Economic Development Authority <br /> STAFF REFERENCE: Contact Billy Tyus at 424-2727 or btyus@decaturil.gov <br /> BUDGET/TIME IMPLICATIONS: None <br />