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<br /> <br />ervi[[e <br /> <br />'Esta{,[isfud 1857 <br /> <br />STAFF REPORT <br />CENTERVILLE CITY COUNCIL <br /> <br />Date: <br /> <br />April 14, 2004 <br /> <br />To: <br /> <br />Honorable Mayor and City Council Members <br />Ms. Kim Moore-Sykes, City Administrator <br /> <br />Ellen PanIseth, Finance Director eel? <br /> <br />Police Station Financing <br /> <br />From: <br /> <br />Re: <br /> <br />************************************************************************ <br /> <br />Attached you will fmd fmancing estimates prepared by Northland Securities for the <br />purchase of a new police station. With that information, I have also prepared estimates of <br />annua1lease amounts. <br /> <br />The improvements to the building were estimated at $250,000 for the purpose of arriving <br />at a preliminary fmancing estimate. There are no firm numbers available at this time. <br /> <br />The average annual debt service payment for the estimated cost of the building would be <br />$106,908. It is unclear at this point as to the period of time in which the cost of the <br />building would be recouped. Much will depend on the structure of the joint powers <br />agreement. <br /> <br />Mr. George Eilertson from Northland Securities will be available at the meeting to <br />answer any financing related questions you may have. <br />