Broken Arrow Economic Development Authority
Meeting of: 03/05/2019
Title:
title
Consideration, discussion, and possible approval of and authorization to execute a Legal Services Agreement with The Public Finance Law Group, PLLC for services related to the refinancing of the Tax Increment Financing (TIF) debt
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Background:
Staff has investigated refinancing the Tax Increment Financing District Note dated November 15, 2010 to reduce the length of the note, to release the sales tax pledge, and to obtain a fixed rate. Currently the loan is at Libor plus 2%, which is roughly 4.88% and it is a variable interest rate. In order to move forward we need to engage bond council who is familiar with TIF’s. The fees will be contingent upon issuance of the Note. At the next council meeting staff will bring the financing option for approval.
Cost: $70,000 plus $2,000 for expenses
Funding Source: Proceeds from the refinancing of the TIF Note
Requested By: Cynthia S. Arnold
Approved By: Russell Gale, Assistant City Manager
Michael L. Spurgeon, City Manager
Attachments: Legal Service Agreement.
Recommendation:
recommend
Approve and authorize execution of Legal Service Agreement with The Public Finance Law Group, PLLC
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