04-01-1996 WS - Laserfiche WebLink

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, '� REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 8. -,F, Li :�1411 � STAFF REPORT Report Number: 96-1653C 1r!' arNMarch 28, 1996 �rr n a QrceTT1 e April 1996 Report Date: QSPOSITION ___ _. Description: Discussion Regarding the Bel-Rae Ballroom as a Community Center _ ministrator s Review/Recommendation: - No comments to supplement this report - Comments attached. 1 _:-ion/Summary (attach supplement sheets as necessary.) SITMMARYl Funding Options: ob Thistle, financial consultant from Springstead, will be at the work session to discuss ossible funding options for the purchase, renovation and operations of a community center. He has prepared the attached letter for your review. In addition, Mr. Thistle generated a chart which shows the impact of G.O. TIF Bonds verses Lease Revenue 0 Bonds for different classes of development. In general, lease revenue bonds are more • • ---•-•,-i- expensive than TIF bonds due to higher interest rates and higher legal fees associated with administering lease revenue bonds. (ATTACHMENT A) Feasibility Study Draft Work Plan: Per Council's direction, staff has prepared a draft work plan containing areas to be researched as part of an internal feasibility study for the purchase and operation of a - Community Center at the Bel-Rae Ballroom site. In preparing the work plan, several questions surfaced as to the desires of the Council regarding types of programs and services to be offered at the Community Center. This will impact the time frame for completing a thorough analysis of costs for the project. Staff has drafted an overview of items to be reviewed and would like Council direction uefore they proceed with more detailed research. In addition, there may be areas where additional private expertise may prove more beneficial. Staff will discuss those areas at the meeting. Please review the attached work plan(ATTACHMENT B) and backup materials prior to the work session. Contact me prior to the work session if any of the information is unclear or you have further questions so that staff will be better prepared at the work session. • C t " Bennett, Interim City Administrator RECOMMENDA'T'ION;