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<br />The final allocation of funds need not be established until such time that bids are <br />accept~ contracts awarded and there is assurance the project will move forward. <br />However, the Finance Committee did endorse the concept that would result in the <br />following: <br /> <br />EXPENSES: <br /> <br />Preliminary estimate for Public Works Expansion <br />City Hall First Floor Front area and 2nd Floor (Total Project) <br /> <br />$2,200,000 <br />$ 339,000 <br /> <br />REVENUE SOURCES <br /> <br />Allocated in 2007 Budget: <br />UBC Balance in 2007 Budget: <br />Allocation from Sewer Availability Charge Fund: <br />ERF Capital Outlay: <br /> <br />$1,350,000 <br />$ 150,000 <br />$ 850,000 <br />$ 100,000 <br /> <br />Total Sources: <br /> <br />$2,450,000 <br /> <br />Current Shortage: <br /> <br />$89,000 <br /> <br />While the above provides an illustration of a shortage, it is based on current estimates, <br />and includes 100% of the cost of the Public Works Garage expansion included in the <br />contractor estimate. It is projected that City Staff will be able to complete a significant <br />amount of exterior site work on its own, which would more than accowt for the existing <br />shortage of$89,OOO. Furthermore, the estimates include the entire City Hall project, <br />while the current proposal before the City Council at this time, results in only the 1st <br />Floor renovation being completed in this first phase. Based upon the above financing plan <br />and the current estimates, the SAC fund would have approximately $1,000,000 remaining <br />and the ERF account would have $150,000. <br /> <br />With that in mind, the Finance Committee and City Staff are satisfied recommending that <br />the construction documents be prepared. Again, please bear in mind that the only action <br />being requested is authorization to utilize TKDA to complete the construction documents <br />for the expansion and renovation of the Public Works Garage and the renovation of the <br />I st Floor at the City HalL The financing plan outlined by the Finance Committee and City <br />Staff at this time, is meant to provide a framework for the future financing of the <br />projects, rovide the Ci Cowcil with a comfort level that the projects can be <br />comp in a ciall f nable manner. <br /> <br />