...Title
City of San José Financing Authority Taxable Lease Revenue Bonds, Series 2020B (Ice Centre Project).
...Recommendations
(a) City Council take the following actions:
(1) Conduct a public hearing for the approval of the issuance by the City of San José Financing Authority of Taxable Lease Revenue Bonds, Series 2020B (Ice Centre Project) (the “2020B Bonds”) in order to finance the acquisition and construction of public improvements of the City of San José consisting of two additional ice rinks and related facilities at the Solar4America Ice Centre at San José;
(2) Adopt a resolution authorizing the City Manager to negotiate and execute:
(a) The Second Amended and Restated Ice Centre Lease and Management Agreement between the City of San José and Sharks Ice, LLC;
(b) The Agreement for the Fourth Expansion of the Ice Centre of San José between the City of San José and Sharks Ice, LLC; and
(c) All other documents necessary to effectuate the Second Amended and Restated Ice Centre Lease and the Agreement for the Fourth Expansion of the Ice Centre;
(3) Adopt a resolution approving and authorizing the execution of documents and approving related actions in connection with the issuance by the City of San José Financing Authority of the 2020B Bonds in the maximum principal amount not to exceed $155,000,000 in connection with the refunding of the City of San José Financing Authority Taxable Lease Revenue Bonds, Series 2008E-1 and Series 2008E-2 (Ice Centre Refunding Project) (“2008E Bonds”) and the financing of the Ice Centre Project;
(4) Adopt the following 2020-2021 Appropriation Ordinance and Funding Sources Resolution Amendments in the Ice Centre Revenue Fund:
(a) Increase the Beginning Fund Balance by $919,284;
(b) Decrease the estimate for Revenue from the Use of Money/Property by $1,980,479;
(c) Decrease the Ice Centre Debt Service Payment appropriation to the Finance Department by $2,249,247;
(d) Decrease the Repairs - Structures appropriation to the Finance Department by $440,865;
(e) Decrease the Repairs - Mechanical appropriation to the Finance Department by $278,000;
(f) Decrease the Repairs - Miscellaneous appropriation to the Finance Department by $165,000;
(g) Decrease the Repairs - Electrical appropriation to the Finance Department by $90,000;
(h) Decrease the Repairs - Unanticipated/Emergency appropriation to the Finance Department by $75,000;
(i) Establish the Refunding of Previous Base Rent Payments to the Finance Department in the amount of $1,553,040;
(j) Establish a Transfer to the General Fund - Administrative Expenses appropriation in the amount of $75,000;
(k) Increase the Ice Centre Oversight Expenses appropriation to the Finance Department by $23,546;
(l) Establish the Capital Rehabilitation Reserve in the amount of 585,000; and
(m) Increase the Unrestricted Ending Fund Balance by $331.
(b) City of San José Financing Authority Board adopt a resolution authorizing the issuance and sale of the Taxable Lease Revenue Bonds, Series 2020B (Ice Centre Project) in the maximum principal amount not to exceed $155,000,000 in connection with the refunding of the Series 2008E Bonds and the financing of the Ice Centre Project and approving and authorizing the execution of documents and approving related actions.
CEQA: Initial Study/ Mitigated Negative Declaration for the Solar4America Ice Facility Expansion Project (Resolution No. 79388). (Finance/City Manager)
UNDER BOTH THE DEBT MANAGEMENT POLICY AND SAN JOSE MUNICIPAL CODE SECTION 4.34.200, APPROVAL OF THE ISSUANCE OF THE LEASE REVENUE BONDS REQUIRES A TWO-THIRDS VOTE BY THE CITY COUNCIL (8 VOTES)