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SIB Loan - Carriage Trails Infrastructure
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
Agenda Item Description or Legislation Title
An Ordinance Authorizing The City Manager To Execute The Preliminary Term Sheet, The State Infrastructure Bank (SIB) Loan Agreement, And Associated Loan Documents To Close The Approved SIB Loan For The Carriage Trails Public Improvements Project, Between The State Infrastructure Bank, Ohio Department Of Transportation (ODOT) And The City Of Huber Heights, And Declaring An Emergency.
Purpose and Background
The City has been approved for a State Infrastructure Bank loan to provide the financing necessary for infrastructure for eight sections of the Carriage Trails development. This loan will provide funds in the most cost effective means available. The loan will be for a 20-year term at a fixed rate of 3%. The maximum amount of the loan will be $1,107,000 and will be repaid by special assessments. This ordinance authorizes the City Manager to execute the preliminary term sheet accepting the terms of the agreement and also execute the final closing loan documents when they are prepared by the Ohio Attorney General's Office for ODOT. The preliminary term sheet and estimated debt payment schedule are included as Attachment A.
Source of Funds:
Recurring Cost? (Yes/No):
Funds Available in Current Budget? (Yes/No):
The SIB loan will provide proceeds of $1,101,000 to be used for infrastructure in eight sections of the Carriage Trails development and $6,000 in origination costs to be paid at closing.
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