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2010.06.07 RESO 2010-0022
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2010.06.07 RESO 2010-0022
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City Council
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#2: Demand and Need for the Project: <br />The need for this project is a result of the items listed above as well as the following: <br />The City determined the original structure was insufficient to service a <br />community of 7,000 people. The pace of growth in population and development <br />required a modern facility with adequate space for the City Council and other <br />public bodies to conduct official business. <br />2. Further, the City desired a facility that included public meeting rooms designed <br />to host civic and cultural events. <br />#3: Estimated Cost: <br />The initial cost to design, construct, and finance this project in 2001 was $1,870,000. As of the <br />time of the drafting of this plan amendment, the outstanding principal of the EDA's Public <br />Facility Lease Revenue Bonds, Series 2001 is $1,130,000. This amount represents the <br />acquisition cost of the facility and is to be financed through the City's issuance of G.O. Capital <br />Improvement Plan bonds (total not to exceed $1,045,000) and from funds held by the original <br />bond trustee in the amount of $85,000. <br />#4: Available Public Resources: <br />Acquisition costs will be funded with the proceeds of G.O. Capital Improvement Plan bonds. <br />The City will levy property taxes for bond payments. <br />#5: Overlapping Debt in the City <br />See Exhibit 2. <br />#6: Project Priority & Relative Benefits vs. Cost <br />This is a high priority project. Essential core service functions of city government are provided <br />at City Hall. Adequate physical space to efficiently provide a high level of service is deemed <br />essential. The proper maintenance and storage of documents is also essential to this service. <br />#7: Operating Cost <br />The newly acquired facility has a larger square footage and will have a higher operating cost <br />than the original facility. However, to ensure the proper level of services to City residents, the <br />City has determined that cost to be minimal compared to the benefits of having a sufficiently <br />sized building that can properly accommodate employees and the storage of records and <br />supplies. <br />5 <br />Property <br />Funds on <br />Year <br />Tax <br />Bonding <br />Hand <br />Total <br />2010 <br />$ - <br />$1,045,000 <br />$ 85,000 <br />$ 1,130,000 <br />2011 <br />$ - <br />$ - <br />$ - <br />$ - <br />2012 <br />$ - <br />$ - <br />$ - <br />$ - <br />2013 <br />$ - <br />$ - <br />$ - <br />$ - <br />2014 <br />$ - <br />$ - <br />$ - <br />$ - <br />#5: Overlapping Debt in the City <br />See Exhibit 2. <br />#6: Project Priority & Relative Benefits vs. Cost <br />This is a high priority project. Essential core service functions of city government are provided <br />at City Hall. Adequate physical space to efficiently provide a high level of service is deemed <br />essential. The proper maintenance and storage of documents is also essential to this service. <br />#7: Operating Cost <br />The newly acquired facility has a larger square footage and will have a higher operating cost <br />than the original facility. However, to ensure the proper level of services to City residents, the <br />City has determined that cost to be minimal compared to the benefits of having a sufficiently <br />sized building that can properly accommodate employees and the storage of records and <br />supplies. <br />5 <br />
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