5.3. SR 10-14-2002 - Laserfiche WebLink

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MEMORANDUM TO: FROM: DATE: Mayor and City Council Pat Klaers, City Admini~,r~to~r October 14, 2002 ~ SUBJECT: Public Safety-Utilities-City Hall Project Update Item 5.3. In June there was discussion with the City Council regarding why the estimate for the Public Safety facility had increased over $7 million. This $7 million project goal had been established based on an $8 million lease-purchase bond issue that included a bond reserve requirement. On July 8, 2002, Council discussion took place regarding the possibility of eliminating the bond reserve requirement by way of insuring the bonds. If this bond insurance approach were to take place, additional funds would be available for the Public Safety project. At this meeting it was further noted that timing was an issue, as the bonds would not be approved until August. On July 8, 2002, the City Council approved the Public Safety-Utilities-City Hall bid packages with the understanding that a number of changes would be required if the bond insurance was not approved. In this regard, a list of potential adjustments to the project was submitted by Tushie-Montgomery Architects. On August 12, 2002, the City Council approved the bonds for the Public Safety facility and the City Hall (Utilities) expansion. Approval of the lease-purchase bond for the Public Safety facility included the use of insurance for the bonds and this freed up additional funds for the Public Safety facility. The total for the project has now been finalized at $7.647 million and the details are outlined in the October 9, 2002, attachment from the finance director. Accordingly, almost all of the items that were proposed to be cut on July 8, 2002, have remained in the project. In addition to the identification of available funds for the project, the attachment from the finance director also outlines the total cost of the project. It should be noted that some of these costs are still based on estimates but the total figures for the project are much more firm today than they were in July or August.