HomeMy WebLinkAboutResolution - 2017-R0118 - Application For Financial Assistance From The State Infastructrure Bank - 03/23/2017Resolution No.2017-R0118
Item No.7.2
March 23,2017
RESOLUTION
WHEREAS,the State Infrastructure Bank ("SIB"),operated by the Texas
Department of Transportation,is a revolving loan fund; and
WHEREAS,the City of Lubbock ("City")deems it proper and in the best interest
of the City to apply for a loan from the SIB in the amount of Seven Million Two Hundred
Fifty Thousand Dollars and Zero Cents ($7,250,000.00) to be used for right-of-way
acquisition for Loop 88; and
WHEREAS,the City is qualified to apply for and obtain financial assistance from
the SIB for this purpose:
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK:
Section 1. THAT the City believes that it is in the best interest of the City to
apply for a loan from the SIB in the amount of Seven Million Two Hundred Fifty
Thousand Dollars and Zero Cents ($7,250,000.00) to finance the right-of-way acquisition
for Loop 88.
Section 2.THAT the City hereby authorizes City Manager,W.Jarrett Atkinson,
to execute an application for financial assistance from the SIB and to submit the
application, together with all required documentation, to the Texas Department of
Transportation for consideration.
Section 3.THAT the application to be submitted is attached hereto as Exhibit A
and made a part hereof for all purposes.
Passed by the City Council on March 23 ,2017.
ATTEST:
^Ji^tU^
Rebecca Garza,City Secretary
RES.Loan Acquisition-SIB-Loop 88
3.16.17
DANIEL ML K>PE,MAYOR
APPROVED AS TO CONTENT:
W. Jarre Atkinson, City Manager
APPROVED AS TO FORM:
Amy L s, De uty ' Attorney
RES.Loan Acquisition -SIB -Loop 88
3.16.17
Resolution No. 2017-RO118
STATE INFRASTRUCTURE BANK (SIB) (Rev 10/16)
T First -Come, First -Served Application Page 1of2
TxDOT Project <$10M
SECTION I - Applicant Information
Applicant Name: City of Lubbock, TX Taxpayer FEIN
Primary Contact: Kevin Rule Contact's Title
75-6000590
Debt and Investment Analvst
Street Address: 1625 13th Street Phone Number: 806-775-2183
City, State, Zip: Lubbock, TX 79404
Email Address: krule@mylubbock.us
County: Lubbock
TxDOT District/Division:
Lubbock -LBB-5
TxDOT District Engineer/Contact Name:
Steven Warren
Financial Advisor Information, if applicable:
Name: Matt Boles, RBC Capital Markets
Fax Number: 806-775-3273
CSJ Number(s): TBD
Phone: 214-989-1660
Phone Number:
806-748-4420
Address: 200 Crescent Court, Suite 1500 Dallas, TX 75201 Email: matt.boles@rbccm.com
Bond Counsel Information, if applicable:
Name: Jerry Kyle, Andrews Kurth Kenyon Phone: 512-320-9271
Address: 111 Congress Ave. Email: jerrykyle@andrewskurth.com
SECTION II - Financial Information
Requested Amount of Financial Assistance:
$ 7,250,000
Total Cost of Entire Project: (i.e. right of way, construction, utilities, etc.)
145,000,000 -ROW/ Utilities
Requested Terms: (including interest rate, number of years, etc.)
20 years
Proposed Pledge of Source of Repayment and Priority Claim to those sources:
Ad Valorem Tax
Provide the applicant's Legal Authority to incur the proposed Debt and the Borrower's Proposed Pledge of Source of Repayment:
Subchapter C of Chapter 271, Texas Local Government Code, as amended, Chapter 1371
SECTION III - Project Information
Brief Description of the Project and Use of funds:
ROW and Utilitv Relocation associated with the Loop 88
Describe need and anticipated public benefits of the project:
Defray cost of ROW acquisition for increase mobility
What type of construction contract are you planning to use on the project (DB, DBB, etc.)?
DBB
Use of funds (Check all that apply):
Highway ® Right of Way Acquisition Utility Relocation ❑ Revenue Project Bridge Revenue Project
Form 1960 (Rev. 10/16) Page 2 of 2
SECTION IV - Required Documentation
Please check off each section once completed/addressed.
® Does entity have home rule charter? If Yes, please submit a copy of the charter, or provide link if a charter is posted online.
List any other existing debt payable from the same revenue source (Please attach documentation.)
See Attached
List of all other outstanding financial agreements with TX DOT, for example toll equity, SIB loans, pass -through tolls, etc.
(Please attach documentation)
N/A
❑ Please attach bond rating letters from Moody's, Standard & Poor's, or Fitch, if any.
❑ Submit a resolution from governing board authorizing the application.
❑ Submit a financial feasibility study.
❑ Submit 5 years of audited financial statements related to the source of repayment.
❑ Submit a copy of the most recent budget.
❑ Please provide a preliminary design study which includes:
• An initial route and potential alignments.
• The project's logical termini and independent utility.
• The location of all right-of-way, facilities and equipment required to make the project functional.
• Revisions or changes to state highway system facilities necessitated by the project.
• An Environmental Review of the project if available.
• Legal or letter size map of the project.
All application information and materials can be submitted electronically to TexasSIBPtxdot.gov or by mail to:
TxDOT Project Finance, Debt, and Strategic Contracts Division
State Infrastructure Bank (SIB)
125 East 1 1 th St.
Austin, TX 78701-2483
Section V - Acknowledgment and Certification
I certify that:
I have the authority to request and incur the debt described in this application, and upon award, will enter into contract for
repayment of any financial assistance granted by the Texas Department of Transportation's State Infrastructure Bank (SIB).
I have completed the preliminary requirements as specified by the SIB Applicant Handbook, and will comply with all applicable
state and federal regulations and requirements.
To the best of my knowledge, all information contained in this application is valid and accurate and the governing body of the
undersigned jurisdiction has authorized the submission of this application.
Signature of authorized official
W. Jarrett Atkinson
Printed Name
3/17/2017
Date
City Manager, City of Lubbock, TX
Title, Jurisdiction
The Texas Department of Transportation maintains the information collected through this form. With few exceptions, you are entitled on request to be informed about the
information that we collect about you. Under Sections 552.021 and 552.023 of the Government Code, you also are entitled to receive and review this information. Under
Section 559.004 of the Government Code, you are also entitled to have us correct information about you that is incorrect.