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<br /> , <br />I. . <br />I. CIP - City Hall <br /> Page 5 <br />I <br />I estimated costs for the other items identified above. An assumption is that the <br /> cost per square foot has not changed significantly. <br />I Should the Council elect to not pursue the project in 1997, Staff would suggest a <br /> review of the existing facility to determine all of the code problems, building <br /> flaws and other needs. This would allow for a separate existing facility retrofit <br />I CIP project to be determined/costed. <br /> 5 Proiect Funding <br />I The Council had previously intended to fund this project with no bond proceeds. <br /> The Council should consider all options available prior to electing the option. <br /> Those options which can assist with the financing of the project are; bond <br />I referendum, internal borrowing, lease from EDA, and sale proceeds from the <br /> current site. <br />I Should the Council elect to finance the project internally, the funding available for <br /> the project would be as follows: <br />.. .Capital Building Fund $375,000 <br /> . Advanced Refunding Fund 900,000 <br /> .Cable T.V. Fund 125,000 <br />I .PIR Fund 400 000 <br /> Total $1 800.000 <br />I The use of sale proceeds needs further discussion. Depending on the site selection <br /> or timing of this project, the availability ofthese funds may be delayed, or if the <br /> current site is selected, unavailable. At a minimum, it would be anticipated that <br />I any current site land sale proceeds be used to reimburse the PIR Fund. <br /> Summary <br />I The Council is asked to consider this project for two reasons. The first is from a budgetary/CIP <br /> impact. The second is from a construction/design process which would need to be initiated if the <br /> project is to proceed in 1997. Staff strongly recommends that both of these items be considered <br />I with a 1997 construction schedule in mind. <br /> Recommendation <br />I Staff recommends the Council give Staff direction as to the following items: <br /> 1. Approve 1997 CIP; <br />I 2. Outline process for proceeding with project; <br /> 3. Verify assumptions; <br />I' 4. Review building site/design/funding options; and <br /> 5. Authorize preparation of RFQ for June 24th Agenda. <br />I <br />