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09-03-2019 Council Packet
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09-03-2019 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
09/03/2019
Council Meeting Type
Regular
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<br />WS – Item 1 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 1 <br /> <br /> <br />Date: September 3, 2019 <br /> <br />To: City Council <br /> <br />From: Sarah Cotton, Finance Director <br /> <br />Re: Public Works Facility Financing <br /> <br /> <br />Background <br /> <br />The City Council and staff have been discussing the need for the eventual replacement of <br />our Public Works Facility (built in 1971) since an updated Public Works Site Analysis <br />and Space Needs Study was completed by CNH Architects in April 2017. The City <br />Council expressed concerns with the scope and costs of a new public works facility <br />outlined in the CNH Study. Oertel Architects was retained to reevaluate our needs and <br />prepare options that were more cost effective. <br /> <br />During the May 6, 2019 City Council work session Mr. Jeff Oertel presented some <br />concept plans for Phase I of a public works facility, including cost estimates. At the <br />August 5, 2019 City Council work session, the City Council and staff began preliminary <br />discussions regarding project financing. <br /> <br />Municipalities have three basic options for financing these types of improvements, <br />including 1) utilizing current revenues, 2) setting aside funds to build a capital reserve, or <br />3) borrowing through the issuance of municipal bonds. <br /> <br />Local governments often borrow to finance major public facility improvements. Paul <br />Steinman, from Baker Tilly will be present to discuss some of the options that are <br />available and the potential impact on the city’s debt levy. <br /> <br />Attachments <br /> <br />None <br /> <br />Requested Council Direction <br /> <br />Staff is requesting City Council direction regarding project scope, timing, and financing. <br /> <br /> <br /> <br />
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