On August 8, 2018, the City Council adopted Resolution No. R2018-093 which provided preliminary approval for the issuance of general obligation bonds of the City in the approximate amount of $10.5 million to finance 12th Avenue reconstruction costs. The Council is now asked to set the sale of the bonds for the morning of September 17, 2019 with approval considered at the regularly scheduled council meeting that same evening.

The aggregate amount of the bond sale is proposed to be $4,220,000. Since the adoption of the preliminary bond approval, staff has been able to more accurately define city infrastructure costs associated with this phase of the Canterbury redevelopment project. Initially 12th Avenue reconstruction was also slated to include the intersection at County Road 83. That reconstruction piece will now be coordinated with the County's reconstruction project along CR 83 in 2021. The city is still responsible for its share of the intersection costs, but those costs won't occur for a couple years.

The bonds will be a general obligation of the city, secured by its full faith and credit and taxing power. However, tax increment revenues from the Canterbury TIF district are estimated to cover 100% of debt service.

Mr. Paul Steinman from Baker Tilly will be in attendance to provide an overview of the Pre-Sale Summary and answer any questions.