Title
Conduct a public hearing and approve an ordinance on first and final reading authorizing the issuance of City of Pflugerville, Texas Combination Tax and Limited Revenue Certificates of Obligation, Series 2023 in an amount not to exceed $153 million; Authorizing the levy of an ad valorem tax and the pledge of certain net revenues in support of the certificates; Approving an official statement, a purchase agreement and a paying agenda/registrar agreement; and authorizing other matters related to the certificates. (Downtown East public improvements)
Summary
This item authorizes the issuance of Certificates of Obligation (C/Os). The proposed issuance of C/Os will be used to fund capital improvement projects with total amount of $153M for the purposes of funding public improvements related to Downtown East as described in the notice provided in April. Such public improvements for the creation of a municipal complex to include a portion of the new Recreation Center, City Hall and supportive infrastructure related to the development of Downtown East.
The amount for the C/O issuance was generated based on estimates for cost of construction for a Recreation Center, City Hall and the City's estimated portion of the cost for public infrastructure for the project that includes construction of Main Street, utilities and parking associated with the Downtown East development. Included within the C/Os:
Estimated Tax Supported Debt: $86.8M
Estimated Self Supported Debt (including TIRZ funded projects): $66.2
The estimated amount of tax supported C/Os is $86.8M which is currently projected to be an estimated maximum monthly increase of $3.54 per $100,000 valuation. Tax supported C/Os are needed to fund public safety components of City Hall, parking and infrastructure related to Downtown East.
In July 2022, City Council passed a resolution outlining options for funding for the Downtown East project. One of those options included a budget allocation from PCDC in s...
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