HomeMy WebLinkAboutR - 2022-24- Resolutions - Necessity For City Center TIF Dist Capt Improve Projects R— 2022 - 24
RESOLUTION OF NECESSITY FOR
CITY CENTER TIF DISTRICT CAPITAL IMPROVEMENT PROJECTS
WHEREAS, at a meeting of the City Council of the City of South Burlington
("Council") duly warned and held on November 7, 2022, the City's Community
Development Director ("Director") detailed for the Council the necessity of seeking
voter approval in 2023 to issue additional bonds, notes or other financing secured by
the full faith and credit of the City to fund capital projects in or having a nexus to
the City of South Burlington's ("City") City Center TIF District ("District"), the
status of various public capital improvement projects in or having a nexus to the
District now under consideration and planned for development, the debt
authorizations previously obtained from the voters and the amount of bonds issued
to date pursuant to voter authority; and
WHEREAS the District-specific public capital projects under consideration
and planned for development include: Garden Street (Williston Road intersection
realignment and improvements) having a cost of approximately $8.27 Million which
is 100% eligible for TIF funding; Williston Road Streetscape (shared use path
between Dorset Steet and Midas Drive) having a cost of approximately $2.57
Million which is 50% TIF funding eligible; East-West Crossing (walk bike bridge
over I-89) having a cost of approximately $14.56 Million which is 30% TIF funding
eligible; and City Center Park Phase II (elevated boardwalk and new paved
pathways) having a cost of approximately $1.15 Million which is 95% TIF funding
eligible (the "Projects"), which collectively, after taking into account the limits on
TIF debt permitted to fund these projects and accounting for grants and other funds
currently available to the City, represent estimated TIF funding not to exceed
Fifteen Million Eighty-Six Thousand Four Hundred Thirty and 00/100 Dollars
($15,086,430.00); and
WHEREAS the Projects are reflected in the City's amended TIF District Plan
as approved by the Vermont Economic Progress Council on December 17, 2021; and
WHEREAS the Council noticed, warned, and conducted a public hearing on
December 5, 2022, at which the Director reviewed the forgoing information
including the status of the Projects and the amount of District debt funding
authority under consideration, and at which the public was invited to ask questions
about and to comment on the Projects or the debt funding; and
NOW THEREFORE BE IT RESOLVED that the Council finds that the public
interest and necessity demand that the City continue to design, engineer, plan, and
construct the Projects at an aggregate estimated cost of Twenty-Six Million Five
Hundred Seventy-Six Thousand Seven Hundred Seventy-Six and 00/100 Dollars
($25,576,776.00); and
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BE IT FURTHER RESOLVED that the costs of the Projects after adjustment
for the percentage that can properly be funded with District related debt and the
application of available state and federal grants-in-aid, appropriations, reserves,
and other funds (including ARPA funds) presently available to the City, if any, are
too great to be paid out of the ordinary annual income and revenue of the City; and
BE IT FURTHER RESOLVED that a proposal for undertaking the Projects
and to pledge the credit of the City to secure indebtedness, to issue general
obligation bonds or notes of the City, or to make direct payments of TIF increment
in the aggregate principal amount not to exceed Fifteen Million Eighty-Six
Thousand Four Hundred Thirty and 00/100 Dollars ($15,086,430.00) for the purpose
of funding the capital cost of the Projects and related costs of issuance and expenses
should be submitted to the legal voters of the City at the Annual City Meeting to be
duly warned and held on March 7, 2023; and
BE IT FURTHER RESOLVED that a public information meeting will be held
to discuss the Project and the issuance of bonds on Monday, March 6, 2023,
commencing at six-thirty o'clock (6:30) in the afternoon (p.m.) to be held in-person
at the South Burlington City Hall and also electronically on an online platform, the
specific details and dial-in numbers for the online platform will be as specified in
the Warning for the Meeting and the warning for the public information meeting;
and
BE IT FURTHER RESOLVED that all acts relating to the proposition of
incurring bonded indebtedness and the issuance of general obligation bonds or notes
of the City for the purpose of financing the Projects be in accordance with the
provisions of Chapter 53 of Title 24 of the Vermont Statutes Annotated; and
BE IT FURTHER RESOLVED that the attached form of the Ballot question
related to the Projects is specifically adopted for use in connection with
consideration of the above-stated proposition of making public improvements and
incurring bonded indebtedness therefor.
END OF TEXT— SIGNATURE PAGE FOLLOWS
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Dated: December d 2022
CITY OF SOUTH BURLINGTON CITY COUNCIL
‘ •-.°4--14441 ft-UAL': Y1/L.
Helen Riehle, Chair Meaghanmery, Vice Chair
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Tim Barritt Tom Chitt nden
Matt Cota
Received for record this 2'3 day of December 2022.
Donna Kinville, City Clerk
SON22-001 NecRes TIF 22-12-16 FINAL BONDS.dacx
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ARTICLE XX
Shall general obligation bonds or notes of the City of South Burlington be issued, the full
faith and credit of the City pledged, direct payments of TIF increment be made, or any
combination thereof, in an aggregate principal amount not to exceed, after taking into
account state or federal grants-in-aid and other funds currently available to the City,
Fifteen Million Eighty-Six Thousand Four Hundred Thirty and 00/100 Dollars ($15,086,430)
to fund public infrastructure or capital improvements and related costs of projects in or
having a nexus to the City Center Tax Increment Financing (TIF) District, specifically:
(a) City Center Park (boardwalk connection): being the construction of new paved
pathways and an elevated boardwalk between Barret Street, Market Street and
Garden Street and related amenities;
(b) Garden Street (Williston Road intersection realignment and intersection
improvements): being realignment of the Williston Road-White Street-Midas
Drive intersection and improvements to the Hinesburg Road-Patchen Road-
Williston Road intersection, and related transportation and utility upgrades;
(c) Williston Road Streetscape: being the installation of a shared-use path on the
south side of Williston Road between Dorset Street and Midas Drive and related
utility and transportation upgrades; and
(d) East-West Crossing: being a walk-bike bridge over I-89 at Exit 14,
recognizing that tax increment revenue from taxable properties within the TIF District
shall be pledged to and appropriated for payment of TIF District debt? To date, City voters
have approved TIF District debt totaling $29,402,000, of which $14,430,062 has been or is
eligible to be repaid in whole or in part using TIF District incremental revenue.
YES ❑
NO ❑
SON22-002 Ballot TIF 22-12-16 FINAL BONDS.docx