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revenue bonding would be done:through the EDA. He would like the Council to discuss this <br />tonight and it will be moved to a regular Council meeting for formal action. <br /> <br />Finance Officer Lund reviewed the fiscal study regarding the Municipal Center. <br /> <br />Pats] Donna of Northland Securities indicated aCqording to the updated figures from Jim Lasher, <br />the cost fbr the RTC municipal d~k is at 8.5 million dollars for 600 stalls. The cost of the RTC <br />west deck, also known as the Excelsior-Grand d*ck, is at 8.7 million dollars with inflation and <br />will also be 600 stalls. The total cost of-the two: decks is at 17.2 million dollars. He indicated <br />after grant funds and assessments are applied; there will be a gap of 2.6 million dollars to be <br />funded. Mr. Lasher was able to identify roughly 107 stalls on the municipal deck as related to <br />City Hall. These stalls can be financed throUgh!the City Hall bond, which will reduce the 2.6 <br />million dollar gap. He advised as far as'identif3)ing various grant moneys, it should be looked at <br />as a big pot of money and how to 'best leverage~th¢ tools available. <br /> <br />Finance Officer Lund reviewed the impacts on residences based on the amount of debt attributed <br />to Town Center and Town Hall. :She indicated ~the Council had asked to hold the debt capacity <br />rate stable. She reviewed the ratel increaSel from :2005 to 2006 and explained the majority of the <br />expense is due to interest on the debt in the year 2006. To reduce the amount of tax capacity on <br /> [ <br />2006 it would push the interest into later yearS~ She explained based on this fiscal study, in 2007 <br />the rate goes back down to the 2005 rate. TheI overall net from 2006 to 2007 is a net increase of <br />eight dollars on a $250,000 house. <br /> <br />City Administrator Norman indicated the figures presented are the extremely worst-case <br />scenario. ~ <br /> <br />Mr. Dolma explained this fiscal informati°n shOWs the net impact to the City. The City ,,vill be <br />borrowing for more than the amOUnt refleetedi but there will be assessments. Also, the year in <br />which this debt would occur is not reflected; and it is all shown as levied in 2006. He advised <br />projects can be staged. ~ ~ <br /> <br />Tile Council reviewed the following information: <br /> · Summarization of the studies completed on the existing City Hall site <br /> · Comparison of costs between renoVation/addition to the existing facility and a new <br /> municipal center <br /> · The financial information for funding of the new municipal center <br /> <br />The Council discussed the deficiencies of the C~urrent City Hall and the importance of being <br />certain that the revenue projections are accurate. ~ <br /> <br />Councilmember Elvig commented a lot of this iis in the City's control. There is discussion of <br />pipes going to the north and the West, and there is!opportunity to expand and help the cash flow. <br /> <br />City Council W°rkS~eS~ion/January 19, 2005 <br /> Page :~ of 8 <br /> <br /> <br />