City of San Antonio - File #: 19-7123

• File #: 19-7123
• Type: Miscellaneous Item
• In control: City Council A Session
• On agenda: 10/17/2019
• Posting Language: Approving the following matters in connection with the issuance, sale, and delivery of the City of San Antonio, Texas Municipal Facilities Corporation Contract Revenue Notes, Taxable Series 2019 (Brooks Development Authority Project): [Ben Gorzell, Jr., Chief Financial Officer; Troy Elliott, Director of Finance]
• Related files: 19-7651, 19-7650

DEPARTMENT: Finance


DEPARTMENT HEAD: Troy Elliott


COUNCIL DISTRICTS IMPACTED: City-wide


SUBJECT:

Authorizing the issuance of debt for Brooks Development Authority


SUMMARY:

This Ordinance approves a finance agreement between the City and the City of San Antonio, Texas Municipal Facilities Corporation (the "Corporation"), under which the City will assign CPS revenues received by the City along with other lawfully available funds to the Corporation for the purpose of securing the repayment of a loan, in the an amount not to exceed $6,100,000, to pay costs related to financing projects at Brooks City Base; authorizing the Corporation's issuance of debt obligations related to the foregoing project and the pledge of certain revenues as security therefor.

This Resolution approves a loan agreement by the City of San Antonio, Texas Municipal Facilities Corporation, pursuant to which the Corporation will receive a loan from a qualified financial institution in an amount not to exceed $6,100,000 to pay costs related to financing projects at Brooks City Base; approving a finance agreement between the Corporation and the City of San Antonio, Texas, pursuant to which CPS revenues received by the City along with other lawfully available funds will be pledged by the City to the Corporation for further pledge by the Corporation as security for the aforementioned loan.



BACKGROUND INFORMATION:

In March 2019 the City and the Brooks Development Authority ("BDA") entered into an Economic Development Interlocal Agreement for the redevelopment of two buildings, 2415 Sidney Books and 176 Kennedy Hill, with the objective to attract a large employer multiple employers, or expansion of an existing Brooks City Base tenant. As part of the Interlocal Agreement the City is obligated to issue debt in an amount not to exceed $6,100,000 which shall be transferred to BDA for reimbursement for the cost of the redevelopment of the two buildings. The Brooks Tax Increment Reinvestmen...