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