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Council approves up to $8 million industrial revenue bonds for 8021 Olive Boulevard project; one no vote
Summary
After amending bill language, the council approved Bill 9578 authorizing taxable industrial revenue bonds for the 8021 Olive Boulevard project in an amount not to exceed $8 million; Council Member Briner voted no and the ordinance passed.
The University City Council approved an ordinance on Jan. 26 authorizing the issuance of taxable industrial revenue bonds for the 8021 Olive Boulevard project in a principal amount not to exceed $8 million.
City Attorney John summarized lender-requested revisions to the trust indenture and lease exhibits and the council voted to amend the bill to incorporate those changes. After second and third readings, Council Member Fuller moved final passage and Council Member McMahon seconded. During the roll-call vote Council Member Briner recorded a "no" vote; the bill otherwise carried and the mayor declared the ordinance passed.
The ordinance authorizes the city to issue the bonds to provide funds for acquiring, constructing and improving a facility for the named industrial development project and to enter into related agreements. The transcript records the roll-call sequence and Briner's dissent but does not include a detailed statement of her reasons at the time of the vote.
Next steps: with council approval, city officials and the project lender will proceed with the bond issuance and related agreements as allowed by the ordinance. The council did not amend the not-to-exceed principal amount or project description at the Jan. 26 meeting.
