HomeMy WebLinkAbout1992-09-22 - AGENDA REPORTS - GVR ASMT DIST DRAFT SECURITY (2)City
Item
Ken Pulskamp
CONSENT CALENDAR
DATE: September 22, 1992
SUBJECT: GOLDEN VALLEY ROAD ASSESSMENT DISTRICT
DRAFT SECURITY
DEPARTMENT: COMMUNITY DEVELOPMENTI(-�^
At your meeting of September 8th; staff had informed the Council that we had received sureties
from two of the developers, which was the next step toward a bond sale for the project. ,There was
insufficient time to review the details of this surety, and it was suggested and the Council directed
staff to bring a recommendation back on the meeting of September 22, 1992.
Staff, as well as the financial, legal, assessment and underwriting consultants, have discussed the
context of the surety with Lou Feldman, the developers' attorney. The draft surety is somewhat
unique for this type of district and may be affected by Federal tax laws, as well as State statutory
requirements for assessment districts. The details of these unique features are fairly complex, and
staff and the consultants need additional time to be certain that these sureties will meet the City's
financing policy existing statutes, as well as the Council's goals. For that reason, we are
suggesting that the Council allow staff and the consultants additional time to review these items.
We expect to complete that review during the next few weeks and would be bringing back a
recommendation to authorize the sale of the bond or discontinue the project, whichever seems
appropriate.
The City Council direct staff to continue their efforts to work with the developers' attorney toward
a bond sale or alternate recommendation.
hds:golval.rk
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