Title
(CONTINUED FROM DEC. 12, 2018) An Ordinance Authorizing the Issuance of Obligations for City-Owned Arena Renovations (Ordinance S-45265)
Description
An ordinance authorizing the City Manager, or his designee, to cause the City to issue obligations of or by a municipal property corporation, including authorization, execution and delivery of one or more ground leases, leases, purchase agreements, any official statements and bond purchase agreements and certificates necessary or appropriate for the financing and associated financing costs. Further authorizing the City Manager to take any and all other actions in connection with such bonds including taking any and all actions necessary or appropriate to finance or reimburse a principal amount not exceeding $150,000,000 of costs for repairing, renovating and updating a previously constructed City-owned multi-purpose arena for the City of Phoenix plus related financing costs; authorizing a pledge, if deemed appropriate, of excise taxes or other lawfully available funds; and authorizing the City Controller to expend all necessary funds.
Report
Summary
This ordinance provides authorization to issue obligations to fund the Arena renovations. The expenditures and indebtedness authorized do not require voter approval under Chapter XXVII of the City Charter.
Financial Impact
This ordinance provides authorization to issue obligations up to $150,000,000 principal amount plus related financing costs to fund the Arena renovations. The City will pledge excise taxes or other lawfully available funds to the repayment of the obligations.The Sports Facilities Fund will be the source of funds for the payments.
Location
The address of the Arena is 201 E. Jefferson St., located in City Council District 7.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.