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03-23-15 Agenda. Packet & Committee Meeting Notice
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03-23-15 Agenda. Packet & Committee Meeting Notice
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4/23/2015 12:20:19 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
3/23/2015
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The attached ordinance both approves the contract (Exhibit 1 of Ordinance) and approves <br />the financing terms for the improvements to Century Center. The total cost of the improvements <br />is $4,855,897.00. These will be financed through an Installment Payment contract, Series 2015 <br />with Bane of America Leasing & Capital or affiliated entity, which may bear taxable or tax- exempt <br />interest rates. To the extent the interest rate is taxable, it will be issued as a direct pay qualified <br />energy conservation bond as provided in certain Sections of the Internal Revenue Code, in a sum <br />not to exceed $4,250,000.00. <br />A portion of the cost of improvements, i.e., the sum of $558,000.00, will be paid from <br />Century Center's allocations from the St. Joseph County Hotel -Motel Tax Fund for 2014 and 2015. <br />The Hotel Motel Tax Board has also made a commitment to service the bond debt beginning in <br />2018, and its formal action to undertake this debt service will take place at a meeting on March <br />25, 2015. <br />The attached ordinance appropriates an additional $242,000.00 toward the costs of the <br />energy conservation improvements from the Century Center Capital Improvement Fund No. 671. <br />A separate debt service fund is required for this transaction, which will be known as the Century <br />Center Energy Conservation Debt Service Fund (No. 672), and the sum of $50,000.00 from the <br />ordinance appropriation of $242,000 will be transferred to that new Fund for debt service purposes. <br />Century Center is enthusiastic about this transaction which will significantly improve the <br />facility and enhance its market competitiveness, while saving substantial energy costs. <br />Presenting this ordinance at the Council's second reading and public hearing and at its <br />appropriate Committee meeting will be City Controller John Murphy; the City's Director of <br />Sustainability Therese Doran; Public Works Director Eric Horvath or his designee; Century <br />Center Board President Greg Downes; a representative from Ameresco, and a member of the City <br />Department of Law, most likely myself. Also available to respond to technical questions about <br />the project financing will be a member of the law firm of Barnes & Thornburg. <br />We hope the Common Council will share the enthusiasm of Century Center for this project <br />as it considers the attached ordinance. <br />7 Sin 1y, <br />adean M. DeRose <br />City Attorney and <br />Legal Counsel to Century Center Board of Managers <br />
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