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ff •' 'm <br />■"4. <br />A asing $3.3 million to cay off $3.5 million in bonds <br />with no revenue flow back to the General Fund. <br />the bonds with some money at a decreasing level back to <br />the General Fund and leaving the City with approximately <br />$2 million in 15 years when the bonds are paid off. <br />C. Utilization of a 2% overall tax increase levy in <br />conjunction with an ERA and a bond referendum which <br />gene^'^al^^'fund^piis^^^^^ o«%hl bo°nds^plSs^l^ <br />with over $2 million when the bonds are all paid off. <br />iliSilliSfithird option would be in excellent financial shap«. <br />through the funding of this project. <br />A review of costs estimates from 1986 began with the building in <br />ranae of $2.3 million which is now at $2.9 million. <br />Following this initial space study done in January o^f <br />estimated in the range of $3.4 million i ^ <br />The estimate since last December has been $3.6-$3.7 million. <br />‘V. •ALTERNATIVES - <br />Issue n - Site Designation <br />1. Select the option site. <br />2. Select an alternate site for: <br />City Hall/Police <br />Public Works <br />3. Table for further discussion. <br />Isi^e >2 - Exercising the Option <br />1. If option site is selected , . ^ <br />a. Select to exercise it with a closing date <br />commenserate with timetable for construction <br />2. Table for further discussion <br />pgroMMENDATION - <br />T««n« *1 - It is staff's recommendation that Council accept the <br />fUsL^dation Of “.Facilities comnittee tor »i\e “ that <br />the next steps can be taken relating to complete schematic design <br />and go to site specific design development. <br />#4 <br />M <br />i <br />k.i <br />I