The Sherman City Council will consider the first step toward issuing up to $19.5 million in certificates of obligation during its regular meeting Monday at 5 p.m. in the council chambers of City Hall, 220 W. Mulberry St.
The council will consider a resolution authorizing the publication of notice Sherman’s intent to issue the certificates of obligation. State law requires the city to publish a public notice of its intent to issue debt before an ordinance authorizing the debt is considered. In a document prepared for the council, city staff said the certificates of obligation are expected to be issued and funded in September.
The funds received from the debt issuance will allow the city to pay for work on the West Travis Street development, infrastructure in Tax Increment Reinvestment Zone No. 7, the ball fields at Pecan Grove Park West and more.
City staff said the debt service on the issuance will be approximately $1.3 million and will be paid for with funds from Sherman ad valorem tax revenue.
The council will also consider several items approved by the Sherman Planning & Zoning Commission last month, including the rezoning of a number of plots in the Preston Club Estates subdivision, a zoning change for a trio of duplexes to be built on Broughton Street, a specific use permit for an amenity center in the Austin Landing subdivision and a specific use permit for a preschool at Crutchfield Heights Baptist Church.
Separate resolutions will also be considered for an amended site plan for a medical office building at 204 Medical Drive and a site plan approval for GlobiTech to build a power generation facility at 200 W. FM 1417. Both of those items were also approved by the commission last month.
The council will also consider a request to close certain streets on Sept. 29 for the Pottsboro ISD Education Foundation’s “Moonlights for the Cards 5K and Fun Run,” and the cancellation of the council’s July 2 meeting.
Near the end of the meeting, the council will go into a closed executive session to consult with the city attorney and deliberate regarding economic development negotiations.