10-22-1990 Council Packet - Laserfiche WebLink

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A. Using $3.3 million to pay off $3.6 million in bonds with no revenue flow back to the General Fund. B. Utilizing tax levy outside a levy as either an HRA or a bond referendum of approximately 1.2% which pays off the bonds with some money at a decreasing level b?ck to the General Fund and leaving the City with approximately $2 million in 15 years when the bonds are paid off. C. Utilization of a 2% overall tax increase levy in conjunction with an HRA and a bond referendum which would substantially make up for lost revenue to the general fund plus pay off the bonds plus leave the City with over $2 million when the bonds are all paid off. Accompanying this scenario are also financial projections for expected expenditure increases and available revenues to pay off any additional expenditures and rough projections on the other funds the City has. As noted, the City in particular this third option would be in excellent financial shape through the funding of this project. A review of costs estimates from 1986 bega; with the building in the range of $2.3 million which is now at $2.9 million. Following this initial space study done in January of 1988 it was estimated in the range of $3.4 million The estimate since last December has been $3.6-$3.7 million. ALTERNATIVES - Issue »1 - Site Designation 1. Select the option site. 2. Select an alternate site for: City Hall/Police Public Works 3. Table for further discussion. Issue #2 - Exercising the Option 1. If option site is selected a. Select to exercise it with a closing date commenserate with timetable for construction 2. Table for further discussion. RECOMMENDATION - Issue #1 - It is staff's recommendation that Council accept the TiSSimSTT-iation of the Facilities Committee for the site so that the next steps can be taken relating to complete schematic design and go to site specific design development. 3