Title
Public Hearing to Consider Adoption of City of Alameda and City of Alameda Public Financing Authority Resolutions Authorizing the Issuance and Sale of City of Alameda Financing Authority 2023 Lease Revenue Bonds for the City Aquatic Center in an Amount Not-to-Exceed $16,000,000 and Approving Certain Documents in Connection with the Issuance and Sale of the Bonds and Authorizing the City Manager, Assistant City Manager and Finance Director to Execute the Documents and Take All Related Actions in Connection Therewith [City Council/APFA];
Adoption of Resolution of the Alameda Public Financing Authority Adopting Amended By-Laws [APFA];
Adoption of Uncodified Ordinance on Urgency Basis Authorizing the City Manager to Enter into Leases with the City of Alameda Financing Authority.
The actions involved are categorically exempt from environmental review under the California Environmental Quality Act (CEQA) under CEQA Guidelines, Section 15322 (in fill projects). (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council/Board of Directors of City of Alameda Financing Authority
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
On February 21, 2023, City Council approved staff recommendation to authorize the City Manager to provide funding for the City Aquatic Center (Center), estimated to cost $30 million, which will provide critical additional pool space to meet the increasing and unmet community needs for competitive and recreational aquatic programs. City Council approved funding up to 50% ($15 million) of the construction cost of the Center project from the Unassigned Residual General Fund Balance (GF Balance), and financing the remainder through the issuance of long-term debt. Consistent with that direction, staff is recommending the issuance of 2023 Lease Revenue Bonds (2023 Bonds), providing a project fund of $15 million, with an issuance amount not-to-exceed $16,000,000, which includes all costs required for issuance. The remain...
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