TITLE
The Mayor and City Council shall discuss and possibly take action on recommending full build-out of the a) regional park/sports complex and b) multi-generational/aquatics center projects and initiating the process to issue General Obligation bonds, to finance the projects, once the costs are finalized. Additionally, staff recommends proceeding with cash financing City Hall to provide capacity in the General Fund for the additional, ongoing operation and maintenance costs of the fully built-out park. Discussion and Action.
AGENDA ITEM DESCRIPTION
As approved by Council in the most recent Capital Improvement Projects (CIP) plan, the City is projected to complete Phase I of the a) regional park/sports complex and b) multi-generational/aquatics center projects (Vekol Park - Phase I) in December 2013. On August 23, 2013, staff presented an analysis of the full build-out concept to the Council Budget, Finance and Operations (BFO) Subcommittee. This analysis examined whether the City had the ability to a) fund construction of a fully build-out of the park and b) operate and maintain the park.
Construction
Initial estimates indicate the additional cost of constructing a fully built-out facility would be approximately $13 million. The additional costs would be funded from issuance of General Obligation (G.O.) bonds authorized by the voters on November 4, 2008. This authorized the City to issue up to $65.5 million for parks projects. An analysis of the amounts necessary to fund the facility indicate that the City would have approximately $28.1 million in remaining authorization after completion of Phase I; therefore, capacity exists under the authorization limit to fund a fully built-out facility.
State statute also limits the amount of debt outstanding. An analysis of the “legal debt limit”, as set by state statute, indicates that the City would have approximately $18.1 in remaining debt capacity after completion of Phase I; therefore, capacity exists un...
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