2010.06.07 RESO 2010-0022 - Laserfiche WebLink

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• Project #1: Public Safety Facility In 1998 the City of Hugo Economic Development Authority ("EDA") issued its $1,165,000 Public Project Revenue Bonds, Series 1998. The proceeds of that issue were used to construct a Public Safety Facility within the corporate boundaries of the city. The City of Hugo ("City") currently leases that facility from the EDA. The City intends to formally acquire ownership of the Public Safety Facility via the issuance of new Capital Improvement Plan bonds. Statutory Factors considered: #1: Condition of existing facilities and need for repair or replacement: Condition of the (original) existing facilities and its improvement needs are described as follows: 1. Prior to the new Public Safety Facility being constructed by the EDA in 1998, the condition of the city's existing structure would have been described as poor. Further, the facility contained insufficient space for storage of the City's firefighting equipment and vehicles. 2. The original facility was located in an area of the city where the only access points to main arterial roadways were at uncontrolled intersections. 3. The original site of the facility also included unheated vehicle bays, with offices in an adjacent trailer that was also in poor condition. #2: Demand and Need for the Project: The need for this project is a result of the items listed above as well as the following: 1. The original structure did not contain enough bays to allow for the acquisition and proper storing of additional firefighting vehicles and equipment. 2. To properly serve the community the City desired a facility that included a training room, laundry facilities, and additional office and storage space. #3: Estimated Cost The initial cost to design, construct, and finance this project in 1998 was $1,165,000. As of the time of the drafting of this plan amendment, the outstanding principal of the EDA's Public Project Revenue Bonds, Series 1998 is $390,000. This amount, along with approximately $15,000 in administrative and finance costs, represent the acquisition cost of the facility and is to be financed through the issuance of G.O. Capital Improvement Plan bonds. #4: Available Public Resources: Acquisition costs will be funded with the proceeds of G.O. Capital Improvement Plan bonds. The City will levy property taxes for bond payments. M Property Funds on Year Tax Bonding Hand Total 2010 $ - $ 405,000 $ - $ 405,000 2011 $ - $ - $ - $ - 2012 $ - $ - $ - $ - 2013 $ - $ - $ - $ - 2014 $ - $ - $ - $ - M