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Regular City Council Meeting Monday, June 16, 2014 Page 30 tax dollars, it was simply taking money from one pocket and putting it in another. with Mayor Roe correcting that statement. City Manager Trudgeon concurred with Mayor Roe, noting that the cost for pur- chase of the fire station had been initially been built into the GMHC proforma, and though not finalized yet, TIF dollars generated would pay the HRA back and be available to revolve into another project, with those dollars collected over time and recycled into other redevelopment dollars. Councilmember McGehee questioned if this was an appropriate place to spend the Building Replacement Fund dollars, suggesting that a major portion of the fund should be retained. Mr. Miller clarified that, if the Dale Street property sold for $300,000, a funding gap of$433,000 would still remain. Councilmember McGehee suggested using a portion of the $27 million bond funds for this purpose, since flexibility had been built into it. Mr. Miller clarified that the bond issues had been structured by splitting them, with a portion for the fire station and another portion for the park renewal pro- gram, with enough flexibility to do so at the discretion of the City Council. Councilmember Etten opined that there were other potential sources for funding (e.g. reserve funds). Mr. Miller advised that the City Council had that discretion; however, prior City Councils had established this Fund for specifically this purpose, and it was con- sistent with past practice. In his review of the Building Replacement Fund, Mayor Roe opined that it was fair to say that extensive renovation of the Skating Center budgeted in the CIP in 2020 could be borrowed for at that time if it was so decided, at which time some relief could be achieved in the Building Replacement Fund. Mr. Miller concurred, advising that it could be accomplished to obtain bonding fi- nancing. At the request of Councilmember Laliberte, Mr. Miller advised that the Building Replacement Fund does not have a specific policy funding level percentage like operating funds do; with $10 million in CIP expenditures scheduled over the next twenty years; and $10 million needing to be raised over that same amount of time. Mr. Miller reiterated that past City Council's had laid this Fund out, but subse- quent City Council's had taken action to repurpose the City's debt load, and yet another future City Council would be tasked with having to wrestle with those recommendations.