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<br />Availability of Public Resources <br /> <br />The City plans to fund up to $1.5 million from cash and other resources to <br />the library. For purposes of this plan, the entire costs of the Projects are <br />estimated to be funded with debt. <br /> <br />Level of Overlapping Debt <br /> <br />The City's share of the Sherburne County debt, spread on the basis of <br />proportional tax capacity, is $6.25 million. The City's share of the Elk River <br />School District debt is $76.5 million. The City's outstanding general <br />obligation debt prior to the issuance of the capital improvement bonds is <br />approximately $16.5. The increased level of debtis not expected to cause <br />the City any financial stress. Growth also means additional tax base to pay <br />for additional facilities. The City has alternative revenue sources to assist <br />with capitals costs as well as non-tax levy income from enterprise funds. <br />The City's bond rating from Moody's Investor's Service has been upgraded <br />twice in the last five years. A copy of the Moody's report is available upon <br />request froIn the City Clerk. <br /> <br />Relative Costs and Benefits of Alternative Uses of the Funds <br /> <br />The proj ect will provide for a safer and more efficient work environment for <br />City public works employees. The library and senior center built on the <br />former library site will enhance the attractiveness of the City of Elk River as <br />a place for people to live and to work. <br /> <br />Operating Costs of the Proposed Improvements <br /> <br />The City is responsible for the operation and maintenance of the library <br />building. The Great River Regional Library system pays for staff, computer <br />equipment, and books and other media inventory for the library. The City's <br />annual operating costs for current library is approximately $40,000. The <br />operating costs are expected to increase to $75,000. The utility costs <br />associated with a larger building will be mitigated by energy efficient <br />construction including geothermal heating and passive heating through <br />window. The lights in the facility will dim with increased natural light. <br />Other energy saving efficiencies in the building are contemplated in the <br />current design. <br /> <br />Ehlers & Associates, Inc. <br /> <br />Page 8 <br />