Focus Area: Infrastructure (Facilities)
Staff Contact: Mary Jaeger / Zach Hardy / Jamie Robichaud
Subject: Authorization of City Hall Parking Garage Project, PN 6-C-003-25
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Consideration of Resolution No. 26-1004 authorizing City Hall Parking Garage Project, PN 6-C-003-25; and amending Resolution 25-1059.
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Summary:
Earlier this summer, the Council authorized the purchase of the Chestnut Fine Arts building for a cost of $900,000, and the City closes on the purchase of this property in early January. While this property has been of interest to the City to purchase for some time, it was not a contemplated expense built into the budget in 2025 or 2026. As such, staff recommend increasing the budget for the City Hall Parking Garage project by $1 million to cover the cost of this land acquisition, appraisal and closing costs, and associated demolition costs. This would be paid for by GO Bonds with the debt payments being covered by the Debt Service Fund.
In order to amend the project budget, staff is requesting approval on Resolution 26-1004 to increase the project budget from $22,500,000 to $23,500,000.
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Financial Impact:
Increasing this project budget will have minimal impact on the total debt service costs, hitting the Debt Service Fund. The 10-year financial forecast indicates the City can afford to service the debt on this project with the increased budget while still meeting all key financial metrics.
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Action Needed:
Approval of Resolution 26-1004 authorizing the City Hall Parking Garage Project, PN 6-C-003-25; and amending Resolution 25-1059.
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Attachment(s):
A. Resolution