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CCP 09-16-1993
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CCP 09-16-1993
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<br /> ... <br />. <br /> CITY OF ARDEN HILLS <br /> MDDU\NllUM <br /> DATE: september 30, 1993 <br /> TO: Mayor and O:lUllCil <br /> =: Dorothy A. Person, city 1\dministrator <br /> FRCI!: Terrance R. Post, Treasurer <br /> SUBJEX::T : Investment Policv Deviation ReQuest <br /> Backqround <br /> For approximately the past twelve months, city investment decisions have <br /> been influenced by the possibility that short term funding would l:e <br /> needed to begin an estimated $1,200,000 new city hall construction <br /> project. '!he timetable for this funding need is dependent upon the City <br />. ao;ruiring a suitable bJilding site. <br /> In 1992, Council chose a site on the TCAAP property as the most <br /> desirable building location. It was originally believed that either <br /> through legislative, or "lease with Option" means, construction could <br /> CCllIU11el1ce within twelvemonths. As Counci1member Probst has recently <br /> reported, the original timetable perhaps was overly optimistic and that <br /> a two to three year timetable is more realistic in dealing with the Army <br /> to obtain "City Hall" TCAAP property. <br /> city Hall Prooosed FUndinq <br /> Assuming that site acquisition =sts are minimal, and the City will not <br /> realize any cash prOC''''''''''' from the sale of the existing city Hall site, <br /> city Hall construction project costs are expected to approximate <br /> $1,200,000. Project funding is planned to =rne from these sources: <br /> 1. Carryover balance from the Advance <br /> Refunding Bonds of 1985 FUnd Balance <br /> (#315). $ 800,000 <br /> 2. Cable TV (#228) Capital Items 50,000 <br /> 3. Contribution from the Permanent <br /> Improvement Revolving FUnd (PIR #501) 350.000 <br /> $1,200,000 <br />. <br /> -- ------ ----- <br />
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