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,7 oF REQUEST FOR COUNCIL CONSIDERATION Agenda Section M <br /> STAFF REPORT Rert Number: 0 �{ <br /> ©MS <br /> • <br /> Repoport Date: 8/1/96 <br /> 7 <br /> WORK SESSION MEETING DATE <br /> HEW <br /> August 5, 1996 <br /> r S <br /> o'res.-Partnet <br /> Sn4QQ <br /> Item Description: Discussion of options for the redevelopment of the Bel-Rae Building. <br /> Administrator's Review/Recommendation: <br /> -No Comments to supplement this report <br /> -Comments attached. <br /> Explanation/Summary(attach supplement sheets as necessary) <br /> Summary: <br /> Staff has been working with the Architect and Springstead to develop estimated expenses and projected <br /> revenues for space use at the Bel-Rae using the different options that were presented at the June 25, 1996 <br /> meeting. We have contacted several cities who have similar services to develop the expense and revenue <br /> projections and have made these estimates very conservative. A representative from Springstead will be in <br /> attendance to review our projections from each option on Monday night. There were several changes made to <br /> these projections and the format therefore the documents will be handed out on Monday evening. If you are <br /> interested in reviewing what we have produced to date please call me and I can provide you with this <br /> information. <br /> addition to calculating revenue and expense projections we also developed construction costs for yet <br /> 11111 <br /> another option. This option includes just the Bel-Rae facility with a gym attached. I have attached a copy of <br /> these new concept plans. <br /> Chuck and I also met with Decision Resources. They will be formulating some sample questions for Council <br /> review but unfortunately they could not fit it into their schedule to be completed by the work session. They <br /> will have questions prepared by the August 12th meeting and this can be discussed either as a regular Council <br /> item or a special work session at 5:30 or 6:00 prior to the regular meeting. Decision Resources is also willing <br /> to assist the City in planning and facilitating a public information meeting for little to no charge. <br /> We have requested that V.B. Digs provide the City with proof of their ability to finance the four courts of <br /> volleyball and daycare center by mid August. If V.B. Digs is unable to provide sufficient documentation by <br /> mid August then the Council should consider proceeding with out them. I am in contact with them and they <br /> are currently working with investors and financial institutions to meet our request. <br /> If you have any questions or would like further background information prior to the meeting please contact <br /> me. I will be in the office all day Friday and Monday. <br /> Cathy Benne con. Dev. Coordinator <br />