The Norman Transcript

Government

November 4, 2013

Software company to settle in Moore

(Continued)

MOORE —

Mayor Glenn Lewis said the apartments would provide housing to help make up for some of the homes lost during the May 20 tornado.

“Those people shop in Moore, too,” Eddy said.

The reduced multi-family impact fees will include duplexes.

The council also approved going out for the 2014 bonds for park projects as approved by voters on Nov. 6, 2012. This is the second in a series of bonds to be issued as part of this proposal.

The council also will consider using future bonds to enter a lease purchase agreement with the Moore Economic Development Authority to have the money to proceed with two major projects.

The community center and aquatic center need to be done at the same time under the same contractor, Eddy said. Council members agreed.

Financial Advisor Chris Cochran, with Bank of Oklahoma Securities, and bond counsel Terry Hawkins reported on the lease-purchase process and answered preliminary questions. No decision was made Monday night, but the city council will study the matter and likely make a decision in the near future.

Typically, bonds are spaced out to keep property taxes low, resulting in multi-year issuance, Cochran said. But without that money, the city can’t start the projects. With the last bond issuance scheduled for 2017, the park projects wouldn’t be complete until 2018 or later.

To get the money now, the city is looking at a process commonly used by schools. The Moore Economic Development Authority would borrow money to complete the park projects and the city would make lease purchase payments to MEDA for the park facilities until the bonds paid those projects off. Lease of real property is allowed under the statutes.

“There would be additional issuance costs associated with this plan,” Cochran said. “In my opinion that’s the only negative associated with this plan.”

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