Laserfiche WebLink
City Council meeting of February 5, 2001 <br />Page 2 <br />ADDITIONS TO AGENDA <br />Subordination Agreement with Scietern <br />------ <br />Authorization <br />__Authorization to Attend Conference (Petryk) <br />Petryk made motion, Granger seconded, to approve the agenda as amended'. <br />All aye. Motion Carried. <br />FINAL CONSTRUCTION DESIGN FROM CITY HALL BUILDING COAOUTI'EE & <br />AUTHORIZATION TO ADVERTISE AND RECEIVE BIDS <br />At its January 24, 2001 meeting, the City Hall Building Committee reviewed the final concept and <br />footprint design for the new Hugo City Hall. The Committee unanimously agreed to recommend to the <br />City Council its approval, and authorization for City Architect, Bob Russek, from BRA and Associates <br />to advertise and receive bids for the construction of the new City Hall. Construction cost for the City <br />Hall is estimated at $1.53 million with a total project cost estimate of $1.98 million. The City's <br />Economic Development Authority, through the use of lease revenue bonds, has authorized finding for <br />the project. City staff recommended that Council approve the final construction design for the new City <br />Hall, and authorize the City Architect to advertise and receive bids. Additionally, staff recommended <br />the Council authorize the City Architect and the City Engineer to prepare a survey of the City Hall site, <br />and direct the City Engineer to conduct up to eight soil borings of the property for the purpose of <br />determining soil suitability. <br />Haas made motion, Granger seconded, to accept staffs recommendation and approve and/or authorize <br />the following: approve final construction design for the new City Hall; authorize the City Architect to <br />advertise and receive bids; authorize the City Architect and City Engineer to prepare a survey of the <br />City Hall site; and direct the City Engineer to conduct up to eight soil borings for the property for the <br />purpose of determining soil suitability. <br />All aye. Motion Carried. <br />ESTABLISH CITY HALL CONSTRUCTION FUND, APPROVE FINANCING PLAN. AND <br />AUTHORIZE TRANSFERS <br />At its December 18, 2000 meeting, the Economic Development Authorize (EDA) agreed to issue lease <br />revenue bonds for a new City Hall facility. The EDA will issue the bonds, purchase the site(s), and <br />construct the facility. The City will enter into a lease purchase arrangement with the EDA. Annual <br />lease payments will be equal to the principal and interest payments on the bonds. Finance Director Ron <br />Oddn prepared a financing plan based on estimated land and construction costs. After subtracting <br />fiords on hand, and allowing for capitalized interest, bond discount and issuance fees, the amount of the <br />lease revenue bond is estimated at $1,523,000. The annual lease payment is estimated at $174,690 per <br />