File #: 15-220    Name: WholeLife Craig Ranch
Type: Resolution Status: Approved
In control: City Council Regular Meeting
On agenda: 3/3/2015 Final action: 3/3/2015
Title: Consider/Discuss/Act on a Resolution of Non-Objection for the Issuance of Bonds for the Cultural Education Facilities Corporation for WholeLife Craig Ranch
Attachments: 1. Resolution, 2. WholeLife Craig Ranch Letter
Title
Consider/Discuss/Act on a Resolution of Non-Objection for the Issuance of Bonds for the Cultural Education Facilities Corporation for WholeLife Craig Ranch
 
Summary
DATE:            March 3, 2015
 
DEPARTMENT:      Financial Services
 
CONTACT:            Rodney Rhoades, Chief Financial Officer
 
ITEM SUMMARY:       
  • At the February 17, 2015 City Council meeting, Council passed the zoning request for the development in Craig Ranch.
  • This is a follow up resolution of non-objection for the New Hope Cultural Education Facilities Finance Corporation to issue a not to exceed bond amount of $80 million.  
  • Because the development is within the city limit of McKinney, the IRS code requires the governing body to pass a resolution of non-objection.
 
SPECIAL CONSIDERATIONS:  
ยท      This will not have an impact on the City of McKinney's ability to issue debt and does not impact the City's bond rating.
 
FINANCIAL SUMMARY: None
 
BOARD OR COMMISSION RECOMMENDATION: N/A