Federal law stipulates that the city must issue a Declaration of Intent if it intends to reimburse itself for expenditures incurred prior to the issuance of bonds. by issuing a Declaration of Intent, the city also provides a public record indicating that these projects may be financed in whole or in part through the issuance of tax-exempt bonds.

The Declaration of Intent is not a request to proceed with a specific project or the sale of bonds. The purpose is intended to specifically address the requirements of the Federal regulations. Approval of the projects and the approval of the sale of bonds are made by specific and separate Council actions.

The projects associated with the declaration of intent revolve around the Canterbury Commons area.  Specifically, the costs of reconstructing 12th Avenue and constructing a roundabout at the intersection of Shenedoah Drive, 12th Avenue and Vierling Drive.  The estimated cost for each project is $6,850,000 and $350,000, respectively.

These bonds will be repaid with future tax increment received from development within the Canterbury Commons TIF District.