The attached resolution provides notice that the Town intends to issue certificates of obligation in an amount not to exceed $18,000,000; that amount encompasses the proposed streets, infrastructure and issuance costs related to the reconstruction of Midway Road and public infrastructure projects related to the Vitruvian redevelopment. The resolution also requires that the notice be published two consecutive weeks at least 30 days before the proposed sale. These certificates of obligation will be used for the following purposes:
- On November 13, 2018, the City Council discussed issuing Certificates of Obligation to fund the estimated $41 million reconstruction of Midway Road. In 2012 voters approved $16 million in funding for this reconstruction project. $3 million is being spent on the design of the project, $13 million is available for construction. However, the total project estimate is $41 million so there is a funding gap of approximately $25 million. The Town will be issuing $15,000,000 in Certificates of Obligations for the purpose of reconstruction of Midway Road. The issuance of additional Certificates of Obligations will be pursued to pay for the reconstruction project as they are needed.
- The Council approved Master Facilities Agreement that governs the commitments between the Town of Addison and UDR for the redevelopment of the area generally known as Vitruvian identified the issuance of Certificates of Obligation as one of the funding sources for the Town’s obligation to provide public infrastructure. In accordance with the Master Facilities Agreement, the Town will be issuing $3,000,000 in Certificates of Obligations for the purpose of funding streetscape, road, and well-site improvements associated with the development.
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