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Executive Session and regular City Council — 4/7/03 <br />DRAFT Minutes — Page 4 <br />Reserve Fund for this project, there should remain <br />approximately $1 -$1.5 Million with no immediate plans <br />for expenditure of those remaining funds, with the <br />exception of future Oval and several fire station upgrades. <br />Mr. Miller reminded Councilmembers that Fire Stations <br />No. 2 and No. 3 had already been updated. <br />At Councilmember Klausing's questioning,". <br />inance <br />Director Miller confirmed that the Building Reserve Fund <br />had been identified as a potential funding source; but <br />anticipated that the bond issues of $9.7, along with interest <br />earnings, should come very close to the estimated project <br />budget amount of $10.4 Million. <br />Councilmember Maschka provided a historic perspective <br />on the original intent for the Building Reserve Fund, <br />which had been initiated with the implementation of the <br />five (5) Tax Increment Financing Districts, and had been <br />in existence for a number of years, anticipating at the time <br />that along -term goal was to incorporate City services and <br />departments on one (1) campus. Councilmember Maschka <br />asked that Finance Director Miller review the funds to <br />determine their original intent; and the number of funds <br />original set up. <br />City Manager Beets commended Public Works Director <br />Schwartz on his work to -date in his capacity as Project <br />Manager, highlighting the work performed on the project <br />budget and Mr. Schwartz's ability to elicit input from <br />staff; and in his cooperative work with the Architect and <br />General Contractor. Mr. Beets also expressed appreciation <br />to the firm of Ankeny Kell and McGough Construction for <br />their expertise, communication and cooperation in <br />