Title
CAPITAL IMPROVEMENT PROJECT/EQUIPMENT FINANCING PLAN
COUNCIL STRATEGIC INITIATIVE ADDRESSED:
Council Initiative: Continue effective financial management
CITY ATTORNEY REVIEW: N/A
SUMMARY STATEMENT:
The City of Longview is currently in the process of evaluating several capital projects and equipment purchases for which financing would be required if the decision were made to move forward with these projects/purchases. At this time, the list of capital projects and equipment which would require financing include a fire aerial apparatus; street and storm water facilities, equipment and improvements; and the City’s share of a new transit center. Alan Dashen and Scott Bauer from NW Municipal Advisors (City’s financial advisor) will present a recommended path forward for financing these projects.
Additionally, Alan and Scott will highlight the benefits of refunding the 2007 Limited Tax General Obligation Bonds for the City of Longview issued on behalf the Public Facilities District for the Columbia Theatre. In conjunction with the refunding, the Public Facilities District is requesting new money approximating $1.4 million which would provide for a chiller, new entry way doors and other priority projects as funds permit for the Columbia Theatre.
RECOMMENDED ACTION:
Council consensus to move forward with the refunding, in addition to direction on a list of projects to be included in the financing package.
STAFF CONTACT: Kurt Sacha, Finance Director