TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Direction Regarding the Economic Development Study and Financial Condition Analysis Prepared by PFM Financial Advisors, LLC.
Recommended Action
Discussion and possible direction regarding the Economic Development Study and Financial Condition Analysis prepared by PFM Financial Advisors, LLC.
Background Information
The following provides a chronological order of events regarding the Economic Development Study and Financial Condition Analysis:
> April 23, 2024: During the City Commission Special Meeting, the Commission discussed agenda item no. 24-0599, Discussion and Possible Action Relating to Bonding and Other Financing Options from the City's Special Legal Counsel and Financial Advisor; Recommendations for Charter Amendment Language Related to the City's Bonding Authority, Including a Permissive Referendum Option; and Recommendations for How to Move Forward with the North Port Police Department Headquarters Project and Funding. At the conclusion of the discussion, the Commission approved the following motions:
* Motion One: To direct the City Manager to work with staff to complete an Economic Development Study and Financial Condition Analysis by the end of the calendar year.
* Motion Two: To direct the City Manager to work with staff to prepare a Comprehensive Long-Term Capital Improvement Plan for North Port to encompass all City services including General Government, Fire Rescue District, Road and Drainage District, Solid Waste District, and water and sewer utility services.
> July 9, 2024: During the City Commission Regular Meeting, the Commission approved agenda item no. 24-0927, Third Amendment to Agreement No. 2020-03 which provides for Financial Advisor Services with PFM Financial Advisors, LLC to complete an Economic Development Study, Financial Condition Analysis, Economic Impact Analysis...
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