City of Atlanta
Georgia

Ordinance
16-O-1248

AN ORDINANCE BY FINANCE/EXECUTIVE COMMITTEE TO ANTICIPATE AND APPROPRIATE BOND PROCEEDS IN THE PAR AMOUNT OF NINE MILLION FOUR HUNDRED SIXTY-FIVE THOUSAND AND ZERO CENTS ($9,465,000.00) AND RECOGNIZE THE PREMIUM ISSUED IN THE AMOUNT OF ONE MILLION TWO HUNDRED FIFTEEN THOUSAND FOUR HUNDRED EIGHTY AND ZERO CENTS ($1,215,480.00) FOR THE DOWNTOWN DEVELOPMENT AUTHORITY OF THE CITY OF ATLANTA CITY PLAZA REDEVELOPMENT PROJECT BOND SERIES 2016; AND FOR OTHER PURPOSES.

Information

Department:FinanceSponsors:
Category:FinanceFunctions:Legislative Liaison - Charlene Parker

Body

WHEREAS, the City Council of Atlanta, Georgia adopted an ordinance 15-O-1583 on January 4, 2016, which authorized the issuance of the Downtown Development Authority of the City of Atlanta (the “Issuer”) of its Revenue Bonds (City Plaza Redevelopment Project) in the aggregated principal amount not to exceed $10,000,000 to finance costs associated with the acquisition of a mixed-use development, which includes (A) A 164 Unit Residential Housing Project, (B) Approximately 29,000 square feet of ground level retail, (C) A 274 space  structured parking deck, (D) a 52 space surface parking lot, and (E) Related other facilities and amenities, and the performance of workforce Housing Program implementation and monitoring services, together, known as the “City Plaza Redevelopment Project”; and

 

WHEREAS, the City Council of Atlanta, Georgia adopted Resolution 15-R-4295 on November 16th 2015 authorizing the Chief Financial Officer to pay the settlement amount for the City Plaza from Nondepartmental Account: 1001.200101.5212001.1512000, for financing; and

 

WHEREAS, these bonds have now been issued and the payment shall be reimbursed to the City of Atlanta General Fund Nondepartmental Account: 1001.200101.5212001.1512000 from the City Plaza Fund; and

 

WHEREAS, these bond proceeds need to be anticipated and appropriated in the proper fund account and cost center; 

 

NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ATLANTA, GEORGIA, as follows,

 

 

SECTION 1: That the 2016 (2016 Bond Project Fund) budget is amended as follows:

             

 

 

 

 

ADD TO ANTICIPATIONS

 

FDOA

 

5574.000002.3937001.0000000.0000000.00000.0000.00000000.00000000        

$9,465,000.00

City Plaza Project Series 2016 Revenue Bond Proceeds

 

 

 

5574.000002.3934001.0000000.0000000.00000.0000.00000000.00000000        

                 1,215,480.00

City Plaza Project Series 2016 Premium on Bonds Sold

 

 

 

Total City Plaza Project Series 2016

$10,680,480.00

 

 

ADD TO APPROPRIATIONS

 

FDOA

 

5574.200921.5840008.8000000.0000000.00000.0000.00000000.00000000        

$83,706.11

City Plaza Project Series 2016 Underwriters Discount

 

 

 

5574.200921.5840004.8000000.0000000.00000.0000.00000000.00000000        

                296,773.89

City Plaza Project Series 2016 Bond Sale Expenses (COI)

 

 

 

5574.200921.5710001.1518082.0000000.00000.0000.00000000.00000000        

           10,100,000.00

City Plaza Project Series 2016 Payments to Other Governments

 

 

 

5575.200921.5413002.1518082.0000000.00000.0000.00000000.00000000        

                200,000.00

City Plaza Project Series 2016 Building Improvements

 

 

 

 

 

Total City Plaza Project Series 2016

$10,680,440.00

 

SECTION 2:  That to the extent residual Cost of Issuance (“COI”) amounts remain after all COI invoices are paid, funds shall be transferred to the City Plaza Project payments to other governments account for the respective bond series.

 

SECTION 3:  That the Chief Financial Officer be and is hereby authorized to create accounts make payments from said fund account centers as necessary.

 

SECTION 4: That all ordinances and parts of ordinances in conflict herewith are hereby waived to the extent of the conflict.

 

 

SECTION 4:  All ordinances or parts of ordinances in conflict herewith are hereby waived to the extent of the conflict.

 

Meeting History

May 16, 2016 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

REFERRED TO FINANCE/EXECUTIVE COMMITTEE BY A ROLL CALL VOTE OF 13 YEAS; 0 NAYS

RESULT:REFERRED TO COMMITTEE [13 TO 0]
AYES:Michael Julian Bond, Mary Norwood, Andre Dickens, Carla Smith, Ivory Lee Young Jr., Cleta Winslow, Alex Wan, Howard Shook, Yolanda Adrean, Felicia A Moore, Clarence "C. T." Martin, Keisha Lance Bottoms, Joyce M Sheperd
ABSENT:Natalyn Mosby Archibong
AWAY:Kwanza Hall
Jun 6, 2016 1:00 PM Video Atlanta City Council Regular Meeting
draft Draft

ADOPTED BY A ROLL CALL VOTE OF 15 YEAS; 0 NAYS

RESULT:ADOPTED [UNANIMOUS]
AYES:Michael Julian Bond, Mary Norwood, Andre Dickens, Carla Smith, Kwanza Hall, Ivory Lee Young Jr., Cleta Winslow, Natalyn Mosby Archibong, Alex Wan, Howard Shook, Yolanda Adrean, Felicia A Moore, Clarence "C. T." Martin, Keisha Lance Bottoms, Joyce M Sheperd