ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request for a DISCUSSION on the PEORIA CIVIC CENTER BRIDGE LOAN Request.
Body
BACKGROUND: The Peoria Civic Center Authority (PCCA) was the recipient of a $25 million capital grant from the Illinois Department of Commerce and Economic Opportunity (DCEO). This much needed capital grant will allow the PCCA to complete numerous capital projects ranging from cooling towers that provide air conditioning for City Hall, parking lots improvements, and roof improvements. The grant is on a reimbursable basis which requires the PCCA to complete the capital improvements and request the funding from DCEO.
PCCA has been forward funding many of these capital projects and has put a crunch on their cash flows. The request would create a noninterest bearing bridge loan process under which the City will provide cash flow for these capital projects anytime cash reserves for the PCCA drop below $1 million. Under the loan, PCCA would request reimbursement for each bridge loan request made to the City and reimburse the City as they receive those reimbursements from DCEO.
Staff is requesting a discussion with council to get direction on an intergovernmental agreement that would come back to Council in December.
FINANCIAL IMPACT: N/A
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: N/A
IMPACT IF DENIED: N/A
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Finance