HomeMy WebLinkAboutDevelopment Commission Resolution 2016-07 RESOLUTION NO. 2016-07
A RESOLUTION OF THE CENTRAL POINT DEVELOPMENT COMMISSION
AUTHORIZING THE URBAN RENEWAL DIRECTOR TO COLLABORATE WITH THE CITY
OF CENTRAL POINT IN EVALUATING FUNDING OPTIONS FOR THE EAST PINE
STREETSCAPE PROJECT
WHEREAS,the Development Commission, by Resolution No. 2016-06,approved the Project's design
and instructed the Urban Renewal Director to proceed with preparation of final engineering plans and
funding; and
WHEREAS,on November 14, 2016 the Development Commission discussed the estimated costs and
funding options for construction of the East Pine Streetscape Project(Project); and
WHEREAS,the City of Central Point(City)is presently pursuing the refinancing of an existing bond
(Reservoir Bond)the additional proceeds from which could be used for funding the Project;and
WHEREAS, the Development Commission's participation in the Reservoir Bond is both timely and has
the potential to significantly reduce the cost of funding the Project; and
WHEREAS, the Development Commission realizes that at this time the responsibilities and costs
of participating in the Reservoir Bond need to be identified and agreed to by both the City and
the Development Commission.
NOW, THEREFORE, BE IT RESOLVED that the City of Central Point Development Commission
by Resolution No. 2016-07 hereby authorizes the Urban Renewal Director to collaborate with the City
of Central Point in determining the feasibility and responsibilities of the Development
Commission's participation in the structuring of the Reservoir Bond as a funding source for the East
Pine Streetscape, and to present the findings to the Development Commission for final consideration.
PASSED by the Development Commission and signed by me in authentication of its passage this 8"'day
of December 2016.
Hank Williams, Chair
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City Representa we
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Development Commission Resolution No. 2016-07