DEPARTMENT: Transportation & Capital Improvements
DEPARTMENT HEAD: Mike Frisbie, P.E.
COUNCIL DISTRICTS IMPACTED: Council District 3
SUBJECT:
Brooks Development Authority: Street Funding Agreements
SUMMARY:
Consideration of the following items related to infrastructure improvements at Brooks City Base, located in Council District 3:
A. An ordinance authorizing the execution of a Funding Agreement with Brooks Development Authority (BDA) for Dave Erwin Drive/Kennedy Hill Street Project in the amount of $4,000,000.00 in Certificates of Obligation. Of this amount, $500,000 is included in the FY 2015 budget, $500,000 is appropriated in Certificates of Obligation supported by the City's 14% return on investment on CPS Energy sales related to Mission Solar Energy, and $3,000,000.00 will be subject to future appropriation in FY 2016 Capital Improvement Program.
B. An ordinance authorizing the execution of a Funding Agreement with Brooks Development Authority (BDA) for Brooks North Campus Drive Project and appropriating funds in the amount of $1,200,000.00 in Certificates of Obligation supported by the City's 14% return on investment on CPS Energy sales related to Mission Solar Energy.
C. An ordinance authorizing the execution of a Funding Agreement with Brooks Development Authority (BDA) for Aeromedical Drive Phase I Project and appropriating funds in the amount of $1,050,000.00 in Certificates of Obligation supported by the City's 14% return on investment on CPS Energy sales related to Mission Solar Energy.
BACKGROUND INFORMATION:
On December 13, 2012, City Council approved a Tax Abatement Agreement with Nexolon America, LLC (now Mission Solar Energy) which is a green energy manufacturer of solar panels. Mission Solar Energy established a manufacturing facility within the Brooks City-Base Campus located at 8303 South New Braunfels Avenue and began operations of its Mission Solar Energy facility in August 2014. This lo...
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