HomeMy WebLinkAboutR - 2022-25 - Resolutions - Dec Intent Reimburse Certain Expenditures from Indebtedness R— 2022 - 25
DECLARATION OF OFFICIAL INTENT
OF CITY OF SOUTH BURLINGTON
TO REIMBURSE CERTAIN EXPENDITURES
FROM PROCEEDS OF INDEBTEDNESS
WHEREAS, the City of South Burlington, Vermont (the "Issuer") Intends to
make capital improvements to public infrastructure within the City's City Center
Tax Increment Financing District ("TIF District") including: Garden Street Phase II
(Williston Road intersection realignment and upgrades) 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 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); and
WHEREAS the Issuer expects to pay certain capital expenditures (the
"Reimbursement Expenditures") in connection with the Project prior to the issuance
of indebtedness for the purpose of financing costs associated with the Project on a
long-term basis;
WHEREAS the Issuer reasonably expects that for that part of the Project
consisting of Project management and construction costs, debt obligations in an
amount not expected to exceed Fifteen Million Eighty-Six Thousand Four Hundred
Thirty and 00/100 Dollars ($15,086,430) will be issued, and that certain of the
proceeds of such debt obligations will be used to reimburse the Reimbursement
Expenditures; and
WHEREAS the Issuer declares its reasonable official intent to reimburse
prior expenditures for the above-described part of the Project with proceeds of a
subsequent borrowing:
NOW THEREFORE, the Issuer declares:
Section 1. The Issuer finds and determines that the foregoing recitals are
true and correct, and that all of the capital expenditures covered by this Resolution
were or will be made no earlier than 60 days prior to the date of this Resolution.
Section 2. This declaration is made solely for the purposes of establishing
compliance with the requirements of Section 1.150-2 of the Treasury Regulations.
This declaration does not bind the Issuer to make any expenditure, incur any
indebtedness, or proceed with the Project.
Section 3. The Issuer hereby declares its official intent to use proceeds of
indebtedness to reimburse itself for Reimbursement Expenditures within 18 months
of either the date of the first expenditure of funds by Issuer for such Project or the
date that such Project is placed in service, whichever is later (but in no event more
than three years after the date of the original expenditure of Issuer funds for such
Project), and to allocate an amount not to exceed $2,000,000.00 of the proceeds
thereof to reimburse itself for its expenditures in connection with the Project.
Section 4. The Issuer's debt obligations for the aforementioned
purpose will not be "private activity bonds" within the meaning of Section 141
of the Internal Revenue Code of 1986.
Section 5. All prior actions of the officials and agents of Issuer that are
in conformity with the purpose and intent of this Resolution and in
furtherance of the Project shall be and the same hereby are in all respects
ratified, approved and confirmed.
Section 6. All other resolutions of the legislative body of the Issuer, or
parts of resolutions, inconsistent with this Resolution are hereby repealed to
the extent of such inconsistency.
Section 7. It is hereby found that all discussions and deliberations of
the legislative body of the Issuer leading to the adoption of this Resolution
occurred at one or more meetings of the legislative body conducted pursuant
to public notice and open to public attendance.
Section 8. This declaration shall take effect upon its adoption.
CITY OF SOUTH BURLINGTON CITY COUNCIL q Aid /a?//94°.
Helen Riehle, Chair Meaghan Fiery, Vice Chair
Tim Barritt Tom Chittenden
Matt Cota
The undersigned, Clerk of the Issuer, hereby certifies that the foregoing is a
full, true and correct copy of the declaration of the legislative body of said
Issuer duly made at a meeting thereof held on the date, specified below, and
that said declaration was not amended, modified or revoked.
DATE: 2-02-Z
Donna Kinville, City Clerk
SON22-003 NoticeDeclarelntent TIF 2022 22-12-14 FINAL BONDS.docx