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noted that if there is a desire for City Hall in Crystal Bay the <br />Council then needs to select a site for the Public Works. It has <br />been my understanding at this point that the Orono sewer plant <br />site may not be an acceptable site for Public Works, in which <br />case an alternative may be to acquire the Highway 12 site for the <br />Public Works site. (Assuming 10 acres for Public Works it would <br />mean the 5 acres for City Hall at a cost of about $103,000.) <br />The basic reasons outlined in Attachment A and as discussed at <br />the Council's work session in August, were the following items: <br />- Availability of sufficiently sized parcels; <br />- Parcel size to allow for combined facilities plus a <br />reasonable expansion area; <br />- Diminishing supply of available land; <br />- Compatability of facilities with surrounding land use; <br />- Cost of land; <br />- Degree of neighborhood intrusion; <br />- Need for preservation of land for parks close to the <br />lake; <br />- Consideration of the historic nature of current site. <br />A related item has been a question as to whether more definitive <br />drawings should be developed for each site. In discussing this <br />with the architect a more definative site development information <br />and cost information would go to the step of finishing the <br />schematics and doing design development which would entail on <br />each site a fee of approximately $60,000 for each site which is <br />why specific site selection is key. The architect would not <br />recommend this further until a spejific site has been selected. <br />Issue #2 - Exercising tjie Option - Even if the Council were to <br />designate a specific site, they would not necessarily need vo <br />exercise the option at this time and could wait to e'^arcise it <br />towards the end of the option. Once the option is exercised it <br />must be closed within 60 days as set forth *n the option <br />agreement. The financial consideration is that by delaying it, <br />the City is able to accrue interest on the total purchase price. <br />However, the cost of exercising the option, is only a down <br />payment of $5,000. If the City would close on v.he property at <br />approximately the same time in order to start construction, <br />exercising the option now or in a few months is of little <br />monetary difference. <br />Issue #3 - Financial Information - Attachments B and C represent <br />additional ” financial information including three scenarios.