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Council holds public hearing on tax-increment pledge for Forest Service building; no action taken
Summary
City staff updated the council on a planned tax-increment bond and interlocal sales-tax pledge to buy the Forest Service building; bids are due and council will consider action at a later date.
City finance staff and bond counsel updated the Ogden City Council in a public hearing March 18 on a tax-increment bond and interlocal sales-tax pledge the city’s RDA plans to use to acquire the Forest Service building.
Nate Robertson, participating virtually as the finance presenter, said the item continues a parameters resolution the council adopted the prior month. "As part of this particular bond that is being issued by the city's RDA, it will be a tax increment bond. In an effort to strengthen interest rates, the city also is pledging sales tax revenues and doing that through an interlocal pledge," Robertson said.
Robertson said the city has issued term sheets to potential bidders, with formal bids due the coming Friday, and that staff expects to select a winning bidder early next week to allow for a closing by April 4. He said the bond proceeds would be used to purchase the Forest Service building.
During the public hearing the council received no public testimony. Council member Ritchie moved to close the public hearing and the council did so by voice vote. Council members did not take a final vote on the tax agreement at the meeting; Robertson said action on the financing is expected within about a week of the hearing.
The council will consider the financing agreement at a future meeting once bids are returned and staff presents final terms.
