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q.0 2 <br />negotiated sale. The PFA will in turn negotiate the sale of the Agency's bonds to Stone <br />& Youngberg, the underwriter. <br />Fiscal Impact <br />It is recommended that the Agen ^y issue sufficient bands to generate approximately <br />$31 million in net proceeds to finance the downtown revitalization projects. These <br />bonds will be paid off in FY 2031/32. The proposed bonds are not a debt of the City or <br />the PFA and are payable solely from tax increment allocated to the Agency. <br />There will be no fiscal impact to the PFA as a result of the proposed bond sale. <br />APoemattve <br />The PFA Board may reject staff's recommendation to approve the PFA's purchase of <br />the Agency's bonds and the concurrent sale of those bonds to Stone & Youngberg. <br />This will require the Agency to sell its bonds at public sale pursuant to a sealed bid <br />competitive auction. There is no assurance that the Agency will receive bids for all of its <br />proposed bonds, and if such bids are received, that they would be lower than those <br />obtained by negotiated sale. A failure to receive bids to purchase all of the bonds being <br />offered will result in the Agency raising less funds than are needed to finance the capital <br />projects identified by the Agency. <br />/ . �/,/Z <br />Brian J.'Ponty <br />Director of Finance and Financial Planning <br />Ed Everett <br />City Manager <br />2 <br />