Madison, WI Header
File #: 50024    Version: 1 Name: Resolution Authorizing the Issuance, Sale/Delivery of Taxable Redevelopment Lease Revenue Bonds, Series 2018
Type: Resolution Status: Passed
File created: 1/4/2018 In control: FINANCE COMMITTEE
On agenda: 2/6/2018 Final action: 2/6/2018
Enactment date: 2/12/2018 Enactment #: RES-18-00092
Title: Resolution Authorizing the Issuance, Sale and Delivery of $3,960,000 Taxable Redevelopment Lease Revenue Bonds, Series 2018 (Monona Terrace Hotel Parking Facility Project) of the Community Development Authority of the City of Madison, Wisconsin, and Approving the Execution and Delivery of Certain Documents In Relation Thereto.
Sponsors: Paul R. Soglin
Attachments: 1. Amendment No. 1 to Lease CDA Series 2018, 2. FINAL CITY of Madison Wisconsin Resolution CDA Lease Revenue Series 2017, 3. Bid Tab, 4. Winning Bid Signed by the Purchaser
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
2/7/20181 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER  Action details Meeting details Not available
2/6/20181 COMMON COUNCIL Adopt - 15 Votes RequiredPass Action details Meeting details Not available
2/6/20181 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICERPass Action details Meeting details Not available
1/16/20181 COMMON COUNCIL ReferPass Action details Meeting details Not available
1/4/20181 Attorney's Office Referred for Introduction  Action details Meeting details Not available

Fiscal Note

These bonds refinance lease revenue bonds originally issued by the Community Development Authority in 1999 to finance the construction of a parking ramp for the Monona Terrace Convention Center Hotel.  Debt service on the bonds is paid through a combination of property tax increment in Tax Increment District 25 from the convention center hotel (Monona Terrace Hilton) and payments from the developer (Marcus Corporation).  The refinancing reduces the remaining interest costs by a net present value of $312,573, or 5.7% of the refunded debt service. The winning bid on the bonds has a true interest cost of 2.64%.  The current interest rate on the bonds is 7.1%. Coupon rates over the remaining 5 years of the amortization period vary from 2.0% to 2.7%. The debt service reserve fund of $1 million on the current bonds will be liquidated and used, along with the proceeds from this bond issue, to refund the remaining principal on the 1999 bond issue.

 

Title

Resolution Authorizing the Issuance, Sale and Delivery of $3,960,000 Taxable Redevelopment Lease Revenue Bonds, Series 2018 (Monona Terrace Hotel Parking Facility Project) of the Community Development Authority of the City of Madison, Wisconsin, and Approving the Execution and Delivery of Certain Documents In Relation Thereto.

 

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