HomeMy WebLinkAboutRESOLUTION AUTHORIZING DDA TO APPLY TO DCA FOR REALLOCATION OF BONDS TO FINANCE REYNOLDS STREET PARKING DECKRESOLUTION
The Mayor and Clerk of Commission are hereby authorized to execute such
agreements and authorizations as necessary for Augusta and/or the Downtown Development
Authority of Augusta, Georgia to make application to the Georgia Department of Community Affairs
( "DCA ") for the reallocation of recovery zone economic development bonds and/or recovery zone
facility bonds not to exceed $6,800,000 to be used to finance a parking deck in connection with the
construction and development of a hotel with minimum of 143 rooms to be located between Broad
Street and Reynolds Street in Downtown Augusta to be built by Legacy Hospitality, LLC.
Representatives of the City are further authorized to draft such additional agreements and
documents, including intergovernmental agreements, as necessary for the issuance of bonds
(including but not limited to recovery zone economic development bond, recovery zone facility
bonds and/or revenue bonds), subject to final approval by the Augusta Commission and the providing
of such assurances as reasonably required by the Administrator that Legacy Hospitality, LLC has
obtained a financing commitment for the construction of the hotel and it has provided to the
Administrator such other financial data as requested, and to include in such documents a pledge of ad
valorem taxes within the mill limitation as provided under Georgia Code Section 48 -5 -350 in the
event that the revenue earned by the parking deck and the payments by the hotel under its guaranty
are insufficient to retire the bonds.
ADOPTED this 15th day of June, 2010.
A By: U qA -
��w As its Mayor
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