2010.06.07 RESO 2010-0022 - Laserfiche WebLink

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