Harrisonville City
Missouri

Action Item

Refinance Town Center TIF

Information

Department:Board of AldermenSponsors:
Category:ApprovalFunctions:Board of Alderman

Attachments

  1. Printout
  2. Refinance Info

Staff Report

We were approached by Stifel Investments about refinancing the Town Center TIF (Sutherland's, Comfort Inn, etc.) and the savings the city could realize in our yearly commitment payments.  We have checked with other investment firms and the savings is there that we should pursue.  The savings quotient is as high as 12% according to some estimates, while the industry standard of 5% savings is a good time to refinance.

We recommend to the committee that we seek a financial adviser to bring to the Board for approval for this refinancing with a completion date in early 2018. 

We will not complete this soon enough to cover this year's payment but we could see savings for the next 10 years of payments that come out of the General Fund.

Meeting History

Oct 24, 2017 6:00 PM  Finance/Personnel Committee Regular Meeting

Administrator Welch presented refinancing option.

RESULT:APPROVED [UNANIMOUS]
MOVER:Clint Long, Member
SECONDER:Brad Bockelman, Member
AYES:Brian Hasek, Clint Long, Brad Bockelman, Judy Reece
ABSENT:David Dickerson