File #: 19-4093    Version: 1 Name: Resolution - Project Agreement with MQOLC - 2019 Bond Sale
Type: Agenda Item Status: Passed
File created: 4/7/2019 In control: City Council
On agenda: 5/6/2019 Final action: 5/6/2019
Title: A resolution approving and authorizing the execution and delivery of a project agreement with Mesquite Quality of Life Corporation for the payment of costs related to reconstruction of Town East Boulevard from US Highway 80 to Skyline Drive and construction and installation of an adjacent pedestrian trail on the east side of Town East Boulevard in the area to be reconstructed; approving expenditure of funds by the Corporation in connection therewith; and containing other provisions related thereto.
Attachments: 1. Resolution - 4B Agreement

Title

A resolution approving and authorizing the execution and delivery of a project agreement with Mesquite Quality of Life Corporation for the payment of costs related to reconstruction of Town East Boulevard from US Highway 80 to Skyline Drive and construction and installation of an adjacent pedestrian trail on the east side of Town East Boulevard in the area to be reconstructed; approving expenditure of funds by the Corporation in connection therewith; and containing other provisions related thereto.

 

Body

The attached resolution authorizes the execution and delivery of a project agreement with Mesquite Quality of Life Corporation for the payment of costs for the reconstruction of Town East Boulevard from US Highway 80 to Skyline Drive and construction of an adjacent pedestrian trail. The City will issue Certificates of Obligation bonds for this reconstruction project and the Mesquite Quality of Life Corporation, through this agreement, will reimburse the City with 4B sales tax revenues in an amount equal to the annual debt service over the life of the bonds.

 

Recommended/Desired Action

Staff recommends approval of the resolution.

 

Attachment(s)

Resolution

 

Drafter

Debbie Mol

 

Head of Department

Debbie Mol