Title
Discuss and consider action to approve a resolution with the caption reading: JOINT RESOLUTION OF THE PFLUGERVILLE COMMUNITY DEVELOPMENT CORPORATION AND THE CITY OF PFLUGERVILLE, TEXAS APPROVING THE PFLUGERVILLE COMMUNITY DEVELOPMENT CORPORATION TO BORROW UP TO $25,000,000 FROM WHITNEY BANK FOR THE REFUNDING OF A LOAN WITH CAPITAL ONE, N.A., MOST RECENTLY APPROVED BY RESOLUTION NO. 1426-14-11-18-0227 AND BORROWED FOR THE PURPOSE OF SUPPORTING THE DEVELOPMENT OF A WATER AND ADVENTURE PARK AND AUTHORIZING THE ECONOMIC DEVELOPMENT DIRECTOR TO EXECUTE ANY AND ALL NECESSARY DOCUMENTS ON BEHALF OF THE PFLUGERVILLE COMMUNITY DEVELOPMENT CORPORATION TO ENTER INTO AN AGREEMENT WITH WHITNEY BANK FOR A LOAN TO SO REFUND, AND FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ANY AND ALL NECESSARY DOCUMENTS PERMITTING THE LOAN TO BE ENTERED INTO, ALL AS APPROVED AS TO FORM BY THE GENERAL COUNSEL OF THE CORPORATION AND THE CITY ATTORNEY.
Summary
On January 12, 2017 the PCDC Board approved a Placement Agent Agreement with Hutchinson, Shockey, Erley & Co. for the issuance of Series 2017 Bonds and authorized the PCDC Executive Director to sign said agreement on behalf of the PCDC. The agency sent out a request for bids to 40 banks with a response date of February 21, 2017. Four bids were received and reviewed by PCDC financial advisor, Terrell Palmer, Hilltop Securities, and Amy Madison, PCDC executive director. Attached to this agenda item is the bidder list, proposal and bid form from Whitney Bank, and bond debt service schedule.
Prior City Council Action
City Council approved, through resolutions, the terms of the original loan for PCDC with Capital One.
Deadline for City Council Action
February 28, 2017
Projected Future City Council Action
N/A
Fiscal Impact
Restructure the current loan terms to remove the balloon payment and provide new financing terms that meet the needs of the PCDC and remove the City from any further obligations on the note.
Staff Reco...
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