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Prescott City Council <br /> Regular Voting Meeting Page 6 <br /> April 8, 2014 <br /> Tom Guice, Community Development Director, presented, saying the plat was a request <br /> to combine Lots 3 and 4 and a portion of a metes and bounds parcel to create a new <br /> parcel, Lot 4-R, with total square footage of just under 21,000 square feet. The resulting <br /> lot is appropriately sized for this subdivision and meets the requirements of the underlying <br /> zoning district (SF-9).He said there is a lot split that will take a portion of the metes and <br /> bounds from Lot A to the South, in order to combine it with Lots 3 and 4. He said there are <br /> existing homes on Parcel A as well as lots 3 and 4 that have existing City utilities. <br /> Councilman Blair asked about the water allotment for each of the properties. Mr. Guice <br /> said this would be a formal combining of the lots into a single lot. Craig McConnell, City <br /> Manager, said if it was a buildable lot at the time of the declaration, it would be <br /> recognized as having grandfathered groundwater to serve it. Councilman Blair asked if <br /> they would be giving that up by combining the lots. Mr. McConnell said they would give <br /> it up, but the City would not receive a credit because the previous lot will be <br /> extinguished. <br /> MAYOR PRO TEM LAMERSON MOVED TO APPROVE RP13-003 COMBINING <br /> LOTS 3 AND 4 WITH A METES AND BOUNDS LOT, AND AMENDING THE <br /> BOUNDARY OF THE HASSAYAMPA MOUNTAIN CLUB — PLAT B SUBDIVISION; <br /> SECONDED BY COUNCILMAN ARNOLD; PASSED UNANIMOUSLY. <br /> H. Adoption of Ordinance No. 4882-1420 authorizing the issuance of Municipal <br /> Property Corporation Bond Series 2014 to refund Municipal Property <br /> Corporation Bond Series 2004 for the Big Chino Water Ranch, including the <br /> emergency clause (Water Fund) <br /> Mark Woodfill, Finance Director, said the item went to the Municipal Property <br /> Corporation (MPC) board the previous week. <br /> Nick Dodd, RPC Capital Markets, addressed the Council. He gave an overview of the <br /> City's updated Debt Handbook, and showed a PowerPoint which included: <br /> • SUMMARY OF FINANCING OPTIONS <br /> o PAY-AS-YOU-GO FUNDING <br /> o GENERAL OBLIGATION BONDS —these require the vote of the public <br /> o GENERAL OBLIGATION DEBT CAPACITY - $131,000,000.00 available <br /> o UTILITY REVENUE BONDS <br /> o STREET AND HIGHWAY REVENUE BONDS — can be used to repay a <br /> bond and requires voter approval <br /> o MPC BONDS/LEASE PURCHASE FINANCINGS- can finance almost <br /> anything that is allowable in the federal tax law <br /> o MPC DEBT CAPACITY <br /> o IMPROVEMENT DISTRICT BONDS <br /> o COMMUNITY FACILITIES DISTRICTS <br /> o STATE AGENCY OPTIONS <br />