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File #: 2021-4316    Name:
Type: Presentation Status: Agenda Ready
File created: 8/12/2021 In control: City Council - Regular Session
On agenda: 8/24/2021 Final action:
Title: Presentation on the Paragon Star Financing Plan, Creation of Neighborhood Improvement District and Issuance of Tax Increment Financing Bonds
Attachments: 1. Presentation, 2. Financial Plan Sizing Model (7-30-21)
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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Title
Presentation on the Paragon Star Financing Plan, Creation of Neighborhood Improvement District and Issuance of Tax Increment Financing Bonds

Body
Issue/Request:
Presentation regarding:
? Overall status of the Paragon Star Financing Plan
? Creation of a neighborhood improvement district as a component of the Financing Plan for the Paragon Star Sports Complex
? Discussion of the proposed revenue bond issuance
? Developer discussion about the current status of construction, the Sports Complex and the Paragon Star Village

Key Issues:
Status of the project, explanation of the financing plan and upcoming City Council agenda items for the Paragon Star Financing Plan.

Background:

Paragon Star TIF History

The City approved the original Paragon Star Tax Increment Financing (TIF) Plan through the adoption of Ordinance No. 7833 on March 10, 2016. The City approved the First Amendment to the TIF Plan through the adoption of Ordinance No. 8946 on September 8, 2020. The City and Paragon Star, LLC (the “Developer”) executed the Amended and Restated TIF Contract on September 8, 2020 (the “TIF Contract”).

The TIF Contract provides for the issuance of revenue bonds that are repaid by TIF revenues and certain revenues that are generated by the I-470 & View High Community Improvement District (CID). The decision to issue revenue bonds rests with the City, after a financing plan is mutually developed by the City and Developer.

Financing Plan

The City has worked with the Paragon Star developer team since the execution of the Amended and Restated TIF Contract to develop a financing plan that includes the issuance of tax increment financing revenue bonds to fund the costs to construct the Sports Complex and provide reimbursement to Developer for certain TIF-eligible costs. A summary of the financing plan is as follows:

Total Bond Sizing
$6,000,000 Series A-...

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