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--+/i <br />aty ar <br />El -~-~ <br />River <br />REQUEST FOR ACTION <br />To Item Number <br />Economic Develo ment Authori 5 <br />Agenda Section Meeting Date Prepared by <br />Administration December 14, 2009 Tun Simon, Finance Director <br />Item Description Reviewed by <br />Final pay estimate -YMCA project <br /> Reviewed by <br />Action Requested <br />'The Economic Development Authority (EDA) is asked to approve the pay estimate as stated below. <br />Bac kground/Discussion <br />Below is the final pay estimate submitted for approval for the YMCA project. The pay estimate has been <br />reviewed and approved by RJM construction, architect (BWBR) or department head in charge of the <br />project. <br />Based on available data from the Lasalle group & YMCA, the total cost of the project is $12,939,076 <br />compared to the estimated project budget of $13,357,479. <br />1~or taxes payable 2010, you may recall that aone-time adjustment was made to decrease the levy based <br />on the credit on the construction contract. Based on a market value rate of .00763% the following <br />property values would expect to contribute to the debt service in 2010 as follows. <br />Market Value 150,000 200,000 250,000 300,000 <br />Est. amount $11.45 $15.26 $19.08 $22.89 <br />Due to the structure of the bond sale the EDA maintains a project fund and debt service fund for the <br />recreation facility project. The construction payments will be approved by the EDA and the City <br />Council. <br />Financial Impact <br />Pay Est. <br />Project No. Contractor <br />YMCA project* Final RJM Construction <br />* Will be reviewed by the City Council on December 21, 2009. <br />Attachments <br />• Pay estimate for the above project <br />Amount <br />$3,358 <br />S:\Council\Tim\2009\EDAPayestimateYMCA#21.doc <br />