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TO: <br />FROM; <br />DATE: <br />51~91.1 <br />Mayor and City Council <br />» \ <br />Mark E. Bernhardson, City Adininistrac <br />May 17, 1991 <br />SUBJECT: City Facilities <br />Attachment: A. City Facilities Memo Catad 5 ^ 91 <br />B. Cost of Interest <br />C. Draft Article From the Council <br />A' <br />% <br />(Memo Only) <br />ISSUE - <br />1, Set a workshop for Council (and Facilties Committee and Planning <br />Commission if appropriate) to review the issues of size and <br />financing methods. <br />2. Present further information related to financing of <br />facilities . <br />A. Cost of interest rate differentials <br />B. Recap of options <br />1, Present information regarding the future of the current <br />Crystal Bay site. <br />4. Determine what commun ications Council desires to have to the <br />community at this stage and future stages. <br />5. Determine schedule for public information meetings and <br />hearings. <br />DISCUSSION - <br />1. Review of building specif^ factors - As noted last time <br />decT^l*oTrs “eed to be made regarding building size, its <br />arrangement design in order that the architect can complete work <br />regarding schematic design and begin construction designs. (If <br />Council desires they can continue the process first with Public <br />Works and lag with the City Hall.) <br />2. Financing - A.) As noted in Attachment B the cost of the facility <br />by the 1 % change in the interest rate can amount to a a cost over <br />the life of bonds of $370,000 additional. As noted the rates <br />have changed this much in 8 months time period. Currently <br />rates are at their low point and a substantial delay for <br />a referendum either by preparing information (3 month delay or <br />statutory requirements that may delay it to November or 92 <br />could substantially increase the cost of the facility.) <br />B.) Option <br />Primary Options Include: