Response provided by Director of Finance, Jon Locke:
Regarding "The City is not financially responsible for repayment of the special assessment revenue bonds, except for the special assessment collections within the Trace PID."
How much is that? Total estimated amount to be collected through the Trace PID is $45.7 million. Of that amount, $6.8 million has been collected through 2023. The remaining installments will be approximately $1.6 million annually and collected through 2048.
When will be blanks on page 3297 be completed? After the bond pricing on December 19th. All the information will be available when City Council considers the bond ordinance on December 19th.
The length of service isn't totally accurate on page 3298. Thank you for catching this, and the information has been updated.
Regarding "The City is not financially responsible for repayment of the special assessment revenue bonds, except for the special assessment collections within the Trace PID."
How much is that? I was looking for how much the CITY is responsible for - in the part "The city is not financially responsible for...except for the special assessment collections within the Trace PID"
How much is the "except" part?
As in, how much will the city pay in any way on these PID bonds. Hard dollars. Other than staff time.
The City is not responsible for repayment and will pay nothing. The "except" part are the special assessments against the property owners within the Trace Public Improvement District. The City's only responsibility is to transfer the special assessments to the Trustee.
