Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
City authorizes staff to explore line of credit to bridge FEMA reimbursements for pier and jetties
Summary
Staff was authorized to investigate a line of credit to cover upfront costs for the pier (about $10 million) and jetties (about $4 million) while FEMA reimbursements are processed; staff will return with terms and options.
Finance staff (identified in the meeting as Mike) told council that upcoming pier and jetties projects will require substantial upfront spending before FEMA reimbursement arrives and that the city should investigate a line of credit as a short-term liquidity tool. He described the pier as a roughly $10,000,000 project and the jetties as about $4,000,000.
Council authorized staff to explore bank options, collateral structures, and resolution requirements and asked staff to bring back detailed terms and suggested borrowing amounts. "It's gonna be the jetties and, of course, the pier. So I would like counsel's permission to investigate, with the bank, with Centennial, about maybe obtaining a line of credit," the staff member said.
