REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, Finance Director
Finance Department
SUBJECT
Title
RESOLUTION - Declaring the official intent to use proceeds of future indebtedness to reimburse the City for certain expenditures related to the construction of the new Fire Station #12 (Requires 5 Affirmative Votes).
Body
RECOMMENDATION
Staff recommends that City Council adopt a Resolution declaring the City's official intent to use the proceeds of future indebtedness to reimburse certain expenditures related to the construction of the new Fire Station #12 (Project).
EXECUTIVE SUMMARY
The City of Fresno has undertaken construction of a new Fire Station #12 to accommodate needs of the Fire Department due to growth and expansion of the City. The District 12 emergency responses have increased beyond the capacity of the current station located at 2874 West Acacia Avenue and a new location at 3315 West Ashlan Avenue meets the needs of a new permanent location. Funding for the estimated $17 million project has been identified and committed through debt service support in the form of Lease Revenue Bonds issued later this calendar year by the Fresno Joint Powers Financing Authority. In accordance with federal regulations the City is required to declare its official intent in order to provide maximum flexibility to reimburse prior expenditures for the Project with proceeds of a future tax-exempt bond issuance. The proposed resolution meets that requirement.
BACKGROUND
Council approved the purchase of land at 3315 West Ashlan Avenue, construction documents and a finding of Categorical Exemption relating to the California Environmental Quality Act (CEQA) on December 9, 2021 for the construction of a new Fire Station #12. The Capital Projects Department anticipates returning to Council in July 2024 to award the contract.
The attached resolution is necessary for the City to establish compliance with federal regulations (26 CFR ? 1.150-2) by officially de...
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