City Council

JOINT PUBLIC HEARING\nJPH1. A Resolution XX-XX of the City Council of the City of Lancaster, Authorizing the Issuance\nof Lancaster Financing Authority Lease Revenue Bonds, Authoring the Execution and\nDelivery of A Ground Lease, Lease Agreement, Indenture, Continuing Disclosure Certificate\nand Bond Purchase Agreement in Connection with the Issuance of such Bonds, Authorizing\nthe Distribution of an Official Statement in Connection with the Offering and Sale of such\nBonds and Authorizing the Execution of necessary Documents and Certificates and Related\nActions. A Resolution of the Lancaster Financing Authority Authorizing the Issuance of\nLancaster Financing Authority Lease Revenue Bonds, Authorizing the Execution and\nDelivery of a Ground Lease, Lease Agreement, Indenture, Assignment Agreement and Bond\nPurchase Agreement in Connection with the Issuance of Such Bonds, Authorizing the\nDistribution of an Official Statement in Connection with the Offering and Sale of such Bonds\nand Authorizing the Execution of necessary Documents and Certificates and Related\nActions.\nRecommendation(s):\nTake the following actions:\nActing as the City Council:\n1. Adopt Resolution No. ____ entitled, “A Resolution of the City Council of the City of\nLancaster, Authorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds,\nAuthorizng the Execution and Delivery of A Ground Lease, Lease Agreement, Indenture,\nContinuing Disclosure Certificate and Bond Purchase Agreement in Connection with the\nIssuance of such Bonds, Authorizing the Distribution of an Official Statement in Connection\nwith the Offering and Sale of such Bonds and Authorizing the Execution of necessary\nDocuments and Certificates and Related Actions”.\nActing as the Lancaster Financing Authority:\n2. Adopt Resolution No. ____ entitled, “ A Resolution of the Lancaster Financing Authority\nAuthorizing the Issuance of Lancaster Financing Authority Lease Revenue Bonds,\nAuthorizing the Execution and Delivery of a Ground Lease, Lease Agreement, Indenture,\nAssignment Agreement and Bond Purchase Agreement in Connection with the Issuance of\nsuch Bonds, Authorizing the Distribution of an Official Statement in Connection with the\nOffering and Sale of such Bonds and Authorizing the Execution of necessary Documents and\nCertificates and Related Actions.\nThe City has identified two significant projects that require funding: (1) the Multi-Agency\nRegional Resilience Center (the “MARRC Project”) and (2) the conversion of the City’s\nminor league baseball stadium into a soccer stadium for a new professional soccer team (the\n“Stadium Project”). In addition to these two projects, the City anticipates using the 2024\nBonds to raise approximately $9 million for PARCS projects, including, including the Avenue\nJ Neighborhood Park, an Indoor Recreation Complex, and public art projects to be procured\nand installed throughout the City.\nCOUNCIL REPORTS