Laserfiche WebLink
(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />City Hall <br />Expansion <br /> <br />Expand existing City Hall and Police facilities. <br />Programming of space began in 2001. This planning will <br />determine the scope and cost of the expansion. <br /> <br />Timing <br /> <br />Final tirmng to be determined, but construction <br />anticipated in 2002 or 2003. <br /> <br />Estimated Cost <br /> <br />$2,500,000 to $3,500,000 (including FFE). Cost will vary <br />based on nature and riming of actual improvements. <br /> <br />Funding <br /> <br />Government Buildings Reserve and/or lease revenue bonds. <br />This fund receives a portion of the landfill surcharge <br />revenue. A portion of the project costs can be paid with <br />reserves. The amount of the cash contribution will depend <br />on revenues for the Government Buildings Reserve and the <br />use of the Reserve for other projects. Current fund balance <br />and future revenues should be earmarked to pay for <br />improvements. <br /> <br />Current City Hall financed with lease revenue bonds. 1997 <br />Refunding Bonds mature 2/1/11 and are callable 2/1/06. <br />$825,000 of balance in Government Buildings Reserve is <br />reserved for existing building debt. The use of debt for the <br />City Hall expansion should account for this existing <br />obligation. <br /> <br />Internal borrowing or lease revenue bonds can be used to <br />finance costs not supported by reserves. <br /> <br />Fire Station(s) <br /> <br />Timing <br /> <br />The continued growth of the City will create the need for <br />one or more new fire stations. Land has been acquired for a <br />facility in western part of the City. A site for a "north" <br />station needs to be acquired (approximately 1.5 acres). <br />The fire stations will be built as needed to provide service. <br />A specific timetable has not been established. A north site <br />should be acquired within the next five years. Current <br />growth trends suggest that the West Station will be built <br />within three years and the North Station will be built <br />within ten to twenty years. <br /> <br />Estimated Cost <br /> <br />Funding <br /> <br />To be determined. The cost will be influenced by site costs, <br />design of the facility, amount of furniture and equipment, <br />and timing of actual improvements. Recent facilities in <br />other cities have ranged from $1,500,000 to $3,500,000. <br />Government Buildings Reserve and/or bonds. <br /> <br />Monies in the Government Buildings Reserve fund can be <br />used to acquire land for a fire station. <br /> <br />Page <br /> 45 <br /> <br /> <br />