HomeMy WebLinkAboutRES 032514-H - Repurposing Sale Proceedsr t ..• r 4 :r r � � .
WHEREAS, the City purchased the former Albertson's building in 2008 with proceeds
from the sale of City of Georgetown, Series 2009 Certificates of Obligations for a future Public
Safety building; and
WHEREAS, the City later determined that the best use of the building would be for a
commercial purpose, not as a public building and thus sold the building in December 2013; and
WHEREAS, the City has decided to repurpose the funds into a different City owned
public facility, by dedicating the proceeds from the sale for such a purpose; and
WHEREAS, the City believes this action to be consistent with the original intent of the
Series 2009 Certificates of Obligation that were issued to fund a public facility; and
WHEREAS, the City will allocate and spend the funds for the construction, renovation or
remodel of a facility for public use within the next 24 months;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct, and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim. The City Council hereby finds that this
resolution complies with the Vision Statement of the City of Georgetown 2030 Comprehensive
Plan.
SECTION 2. The City Council of the City of Georgetown hereby officially declares these
funds to be dedicated for the construction, renovation or remodel of a facility for public purpose,
and thus maintains the initial intent of the Series 2009 Certificates of Obligation.
RESOLVED this 25`" day of March, 2014.
ATTEST: THE ITY OF GEO GETOWN:
LL4W�C� _- Je s ca Brettle By: George rver
Cit ecretary Mayor
Bridget ChapmAn
City Attorney
Resolution No. 0} S1H -4 Page 1 of 1
Description: Repurposing Albertson's sale proceeds
Date Approved: March 25, 2014