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Subject: Communication sponsored by Mayor Mason, requesting authorization of a resolution of official intent to issue general obligation bonds, notes, or other debt instruments in support of the Lincoln King Community Center and Clinic project; and also authorization to negotiate and execute a master development agreement with Lincoln King Community Center Development Partners, LLC for the development and construction of Lincoln King Community Center Clinic Project.
Recommendation of the Finance and Personnel Committee on 08-12-2024: That the resolution of official intent be adopted and that the Mayor and City Clerk be authorized to negotiate and execute a master development agreement with Lincoln King Community Center Development Partners, LLC for the development and construction of Lincoln King Community Center Clinic Project.
Fiscal Note: Total project cost is projected to be $68M. Project costs will be funded with grant funds from the State and Federal Government, New Market Tax Credit Equity, Private donations, energy credits and rebates, and local funding. 70% of the funding is fully available and bridge funding, in the form of a City issued debt instrument, up to $21M will be required in advance of the availability of the energy credits, private donations, and federal and state grants still in the application status. Final debt issuance and amounts will come back to the Common Council for final authorization in Q4 2024 or Q1 2025 as the capital stack is finalized.