REQUEST FOR CITY COUNCIL ACTION
DATE: 07/03/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
CITY COUNCIL CONSIDERATION OF RESOLUTION NO. 2024-075, DECLARING ITS INTENT TO REIMBURSE EXPENDITURES RELATING TO THE CONSTRUCTION OF PUBLIC IMPROVEMENTS FOR THE DOWNTOWN REVITALIZATION PROJECT FROM THE PROCEEDS OF THE SALE OF TAX-EXEMPT BONDS
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EXECUTIVE SUMMARY:
This staff report asks the City Council to approve a resolution declaring its intent to reimburse itself for expenditures relating to the Downtown Revitalization Project from the proceeds of the sale of tax-exempt bonds.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2024-075, declaring its intent to reimburse expenditures related to the construction of public improvements for the Downtown Revitalization Project from the proceeds of the sale of tax-exempt bonds.
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BACKGROUND & HISTORY:
City staff has been working on the Downtown Revitalization Project, which includes multiple projects along Sixth Street, the Historic Civic Center renovation, and the revitalization of the City Park. Staff presented on this project to the City Council at the March 6, 2024, Study Session. The presentation included an overview of all the project components, including the funding plan. The project has an estimated total cost of $200 million, with offsets totaling approximately $86 million. The project funding plan includes bond financing of $114 million to $125 million.
The City Park Renovation is a significant component of the Downtown Revitalization Project. In June 2022, the City of Corona embarked on an approximate 18-month endeavor to create a master plan to revitalize City Park. Marketing and outreach efforts were conducted with the Corona community to identify what facilities and functions the community desires in the park. Over 2,100 survey responses were collected, representing a wide range of respondents city...
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