TITLE
Recommendation to receive supporting documentation into the record and conclude the hearing regarding the issuance of the Finance Authority of Long Beach (FALB) Lease Revenue Bonds, adopt resolution approving the proceedings by the FALB for the issuance of 2016 Lease Revenue Bonds Series A in a total amount not to exceed $14,500,000, to finance the hazardous materials abatement and demolition of the former County of Los Angeles Courthouse, a storm drain relocation project, and a portion of the costs of the Civic Center project, and approving related documents and actions;
Increase appropriation in the General Fund (GF) in the Citywide Activities Department (XC) in the amount of $400,000, offset by residual property taxes to transfer into the Debt Service Fund; and
Increase appropriation in the Debt Service Fund (DS 600) in the Citywide Activities Department (XC) in the amount of $400,000, offset by revenue from the General Fund to pay the debt service. (District 2)
DISCUSSION
The City proposes to issue 2016 Lease Revenue Bonds Series A (Series 2016A), to finance a portion of the costs for the hazardous materials abatement and demolition of the former County of Los Angeles Courthouse (Courthouse Demo), located at Ocean Boulevard and Magnolia Avenue; the storm drain relocation project, located at 3rd Street and Pacific Avenue (Storm Drain Project); and to assist with both one-time costs and construction costs related to the Civic Center project as follows:
· Not to exceed $4,150,000 of bond proceeds, along with $3,055,000 of cash funding from the City, to finance the Courthouse Demo, which will consist of the removal of hazardous materials, demolition of an approximately 330,000 square-foot, steel and concrete, six-story (plus basement) structure, and all related work;
· Not to exceed $1,700,000 of bond proceeds to finance the storm drain relocation project, which will assist the development project of 222 residential units and 8,500 square feet o...
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