03-13-2006 CC MIN - Laserfiche WebLink

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City Council Minutes March 13, 2006 Page 6 5.7.B. Financing City Administrator Lori Johnson stated that included in the 2007 Capital Improvement Plan (CIP) is $1.5 for a library expansion. Ms. Johnson indicated that no final budget has been set for the current library expansion but that the estimated amounts substantially exceed the amount in the CIP. The city will need to use bonding and reserves in conjunction with the money set aside in the CIP to fund the proposed project. Ms. Johnson indicated that her recommendation would be to use Capital Improvement Bonds. She stated that in order to use Capital Improvement Bonds, the city would need to have an officially approved CIP for which a public hearing must be held. She noted that a public hearing would also be required for issuance of the bonds. . Ms. Johnson reviewed special revenues, reserve funds, and host fees. Mayor Klinzing questioned how the project would be affected if the city decides to sell the existing library building. She stated the money would be used to fund the library construction. Ms. Johnson indicated that she has received inquiries regarding the existing library building and that an appraisal would need to be completed before a value could be determined. Ms. Johnson noted that the Council should also consider what to do with the Bailey house and the vacant lot adjacent to it. Ms. Johnson indicated that she would also like Council direction on how to proceed with the CIP. She stated that her recommendation would be to update portions of the CIP and hold the public hearing for approval of the CIP and then to refine the entire CIP in the fall and approve it with the budget so it is in place for 2007. . Councilmember Motin indicated that he would like to wait to do anything with the Bailey house and the neighboring lot until a decision is made on what to do with the existing library building. He noted that the property may be more valuable with the adjacent lots included. Councilmember Dietz suggested that Mr. Maertz and Ms. Johnson return to the Council after the library project has been approved for discussion on what to do with the existing library building. Ms. Johnson indicated that staff could return when the CIP is approved. 5.7.C. Project Schedule Parks and Recreation Director Bill Maertz reviewed the proposed library schedule. He stated that if Council approval takes place in March, the library construction could be completed by August 2007. Councilmember Gumphrey questioned if the size of the building would have to be determined tonight. Mr. Maertz indicated that it would be helpful in assisting staff to enter into an agreement with KKE Architects and to work up a [mal budget. It was the consensus of the City Council to build a 16,000 square foot building and for stafffto return to the Council on March 20 with an agreement between the city and KKE Architects. 5.8. Tobacco Settlement from Blue Cross .