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RESOLUTION: 2008-61
SUBJECT: Approval to delegate to the City of Englewood the authority to act on behalf of the City of Lakewood in the financing of the Boy Scouts of America - Denver Area Council projects in Elbert County, Boulder County, and the City of Lakewood in accordance with the County and Municipality Development Revenue Bond Act, Colorado Revised Statutes § 29-3-104(2) (2008).
RECOMMENDATION: Approval to delegate to the City of Englewood the authority to act on behalf of the City in accordance Colorado Revised Statutes § 29-3-104(2) (2008).
FUNDING SOURCE: N/A
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Boy Scouts of American - Denver Area Council is seeking to finance $10,000,000 via a bank qualified bond issue. The City of Lakewood is unable to provide the full amount of bond qualification due to other debt issuances this year. The City of Englewood is able to act as the "issuer" for this bond qualification. The County and Municipality Development Revenue Bond Act allows the City to delegate to the City of Englewood the authority to act on behalf of the City in the financing of projects permitted under the Act. This delegation of authority, and the project as a whole, are at no cost or liability to the City of Lakewood.
The Boy Scouts projects will make improvements to its Scout camps in Elbert and Boulder Counties, Colorado and to finance and renovate a building located at 10455 W. 6th Avenue in Lakewood that will become the Headquarters for the Boy Scouts of America - Denver Area Council. Presently the Boy Scouts administrative offices are in downtown Denver and the Denver Technology Center. The Headquarters will employ about 50 professional and administrative employees.
The Boy Scouts fund raising drive has received pledged amounts to pay off the bond over 15 to 20 years.
RESOLUTION ADOPTION DATE: September 8, 2008
ORIGINATED BY: Larry Dorr, Director of Finance
STAFF PERSON RESPONSIBLE: Larry Dorr, Director of Finance, 303-987-7601
Cathy Barum, Budget and Finance Mgmt Analyst, 303-987-7031
DOCUMENTS ATTACHED: Resolution
2008-61
SUBMITTED BY:
Larry Dorr, Finance Director
REVIEWED BY:
Joni Inman, Director, Mayor and City Manager's Office
Michael J. Rock, City Manager
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