Lake City Report -
April 15, 2011
Final CRA expansion
hearing Monday
Columbia
County, FL (Posted April 16, 2011 05:55 am )
by City Manager Wendell Johnson and
staff
From City Manager Wendell Johnson
CRA Expansion - Public encouraged to attend
The final reading of Ordinance 2011-2010
amending the Lake City Community Redevelopment
Plan will be considered by the Council at the
regular meeting on April 18, 2011.
Final approval will expand the existing CRA
boundaries both to the North and South of the
existing boundaries. The Finding of Necessity
Study supporting and qualifying the proposed
expansion is on file in the Office of the City
Clerk.
The public is encouraged to attend and
participate in the discussion and action on this
important community issue.
2011 Sales Tax Bond
The City Council authorized its Finance Team
on March 7, 2011 to proceed with the refunding
of a Series 2010 Sales Tax Bond. The Team
prepared a comprehensive loan request and credit
package that was sent to 20 banks on March 11,
2011 and the best bid was a fixed interest rate
of 4.04%, before expenses, with an effective
rate of 4.15% after expenses.
As a result of this highly competitive rate,
the City will issue a Series 2011 Sales Tax Bond
refunding and draw $500,000 in new revenue for
general fund capital projects.
Bond Resolution 2011-023 is on the Council
Agenda for April 18, 2011.
The Council will hold a workshop at 6:00 p.m.
on April 18 to discuss the use of remaining 2010
Series funds and the additional $500,000.
The project shall consist of capital
improvements to certain City streets, sidewalks,
curbing, stormwater, and a vehicle garage at the
Public Works/Utilities compound. Approximately
$1,800,000 will be available to complete the
Project.
The City Staff Report is available in pdf format
here.
