Broken Arrow City Council
Meeting of: 07-05-2016
To: Mayor and City Council
From: Office of the City Attorney
Title:
title
Approval of and authorization to execute an Amendment to Capital Improvements Agreement by and between the Board of County Commissioners of Tulsa County, Oklahoma, and the City of Broken Arrow related to improvements in the Rose District
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Background:
On August 14, 2015, the City Council approved submission of an application to the Tulsa County Vision Authority to obtain $2,737,500.00 of Vision 2025 surplus funds to assist in funding improvements within the Rose District. On December 28, 2015, the Tulsa County Board of Commissioners approved a Capital Improvement Agreement. The City Council authorized the execution of the Capital Improvement Agreement on January 19, 2016.
Before the Council is an Amendment to the Capital Improvements Agreement that provides two amendments to the original agreement. The first pertains to the maximum amount of advances available to the City. The original agreement provided a maximum amount of advances in the amount of $1,100,000.00. The proposed amendment would provide a maximum amount of advances in the amount of $2,000,000.00, which is $500,000.00 more than approved by the first amendment to the Capital Improvements Agreement.
The second amendment pertains to the payment of the costs of bonds or notes issued to fund the projects. The original agreement provided for the City to pay the costs of bonds or notes issued, together with interest in the amount of 3.30%. The proposed amendment would require the City to pay 4.40%. The other terms of the original agreement and first amendment would remain in full force and effect. Staff recommends that the Council approve the Amendment to the Capital Improvement Agreement and authorize its execution.
Cost: No cost to City unless bonds are required
Prepared By: Beth Anne Wil...
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