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AGENDA INFORMATION SHEET <br />PROJECT: A resolution expressing official intent to reimburse the cost of acquiring and improving <br />the UARCO building as a new law enforcement center from the proceeds of the sale of Certificates <br />of Obligation. <br />BACKGROUND: As part of the process for issuing Certificates of Obligation to fund the <br />acquisition of the UARCO building and the conversion of that building to the City's police, jail, and <br />municipal courts building, the Citymustissue aresolution expressing official intentto reimburse costs <br />incurred by the City in furtherance of the project before the Certificates are actually sold. Because <br />the City is at the point of approving a real estate purchase agreement to acquire the building, which <br />will require a$25,000 earnestmoney payment, and also atthe point of hiring an architectto perform <br />the substantive design and conshuction services associated with the project, it is appropriate to adopt <br />such a resolution at this time before substantial costs are incurred. Mr. Pete Tart of the law firm of <br />McCall Parkhurst, the City's bond counsel, recommends adoption of this resolution at this time. <br />DESCRIPTION: The enclosed resolution would express the City's official intent to reimburse those <br />costs incurred by the City associated with acquiring the UARCO building and beginning the process <br />of converting that building to the City's new police, jail, and municipal court facility from the <br />proceeds of the future sale of Certificates of Obligation. <br />COST: There is no cost directly associated with adopting the resolution. <br />RECOMMENDED ACTION: Consider adoption of the proposed resolution. <br />STAFF CONTACT: Larry W. Schenk, City Attorney; and Michael E. Malone, City Manager <br />SCHEDULE: It is appropriate to adopt the resolution at this time because of the other actions the <br />City is taking incidental to the project. <br />COUNCIL DATE: Consider for approval at City Council's May 13, 2002, regular Council meeting. <br />ADDITIONAL MATERIALS: See attached proposed resolution. <br />