TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding Seeking Borrowing Authority for a Specific List of Capital Projects.
Recommended Action
Option 1: Direct staff to work with financial and legal advisors to seek borrowing authority for the following capital projects: Fire Station A, Community Service Center, Dallas White Park Cultural Center, Water/Wastewater Expansion, Effluent Pump Station, Parks Maintenance Operations Building/Complex, and Italy Avenue Community Park.
City Commission Options
Option 1: Direct staff to work with financial and legal advisors to seek borrowing authority for the following capital projects: Fire Station A, Community Service Center, Dallas White Park Cultural Center, Water/Wastewater Expansion, Effluent Pump Station, Parks Maintenance Operations Building/Complex, and Italy Avenue Community Park.
* Pros: Establishes a specific list of capital projects that the City will seek borrowing authority for using a court validated process. Projects on the list would be eligible but borrowing for funding purposes would not be required. Recommended projects are based on priority ranking, feasibility, and prior City Commission feedback and actions.
* Cons: Will require funding for debt service.
Option 2: Direct staff to work with financial and legal advisors to seek borrowing authority for the following capital project(s) [insert list of projects]:
* Pros: Establishes a specific list of capital projects that the City will seek borrowing authority for funding purposes.
* Cons: Will require funding for the debt service.
Option 3: Provide direction to not move forward with a borrowing scenario for a pre-determined specific list of capital projects.
* Pros: The City will not need to go through the process to seek borrowing authority to complete these capital projects.
* Cons: Projects will remain unfunded and/or in comp...
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