City Council

JOINT PUBLIC HEARING JPH1. A Resolution XX-XX of the City Council of the City of Lancaster, Authorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds, Authoring the Execution and Delivery of A Ground Lease, Lease Agreement, Indenture, Continuing Disclosure Certificate and Bond Purchase Agreement in Connection with the Issuance of such Bonds, Authorizing the Distribution of an Official Statement in Connection with the Offering and Sale of such Bonds and Authorizing the Execution of necessary Documents and Certificates and Related Actions. A Resolution of the Lancaster Financing Authority Authorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds, Authorizing the Execution and Delivery of a Ground Lease, Lease Agreement, Indenture, Assignment Agreement and Bond Purchase Agreement in Connection with the Issuance of Such Bonds, Authorizing the Distribution of an Official Statement in Connection with the Offering and Sale of such Bonds and Authorizing the Execution of necessary Documents and Certificates and Related Actions. Recommendation(s): Take the following actions: Acting as the City Council: 1. Adopt Resolution No. ____ entitled, “A Resolution of the City Council of the City of Lancaster, Authorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds, Authorizng the Execution and Delivery of A Ground Lease, Lease Agreement, Indenture, Continuing Disclosure Certificate and Bond Purchase Agreement in Connection with the Issuance of such Bonds, Authorizing the Distribution of an Official Statement in Connection with the Offering and Sale of such Bonds and Authorizing the Execution of necessary Documents and Certificates and Related Actions”. Acting as the Lancaster Financing Authority: 2. Adopt Resolution No. ____ entitled, “ A Resolution of the Lancaster Financing Authority Authorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds, Authorizing the Execution and Delivery of a Ground Lease, Lease Agreement, Indenture, Assignment Agreement and Bond Purchase Agreement in Connection with the Issuance of such Bonds, Authorizing the Distribution of an Official Statement in Connection with the Offering and Sale of such Bonds and Authorizing the Execution of necessary Documents and Certificates and Related Actions. The City has identified two significant projects that require funding: (1) the Multi-Agency Regional Resilience Center (the “MARRC Project”) and (2) the conversion of the City’s minor league baseball stadium into a soccer stadium for a new professional soccer team (the “Stadium Project”). In addition to these two projects, the City anticipates using the 2024 Bonds to raise approximately $9 million for PARCS projects, including, including the Avenue J Neighborhood Park, an Indoor Recreation Complex, and public art projects to be procured and installed throughout the City. COUNCIL REPORTS