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Consider an Installment Financing Agreement for Rosemary Street Parking Deck and Other Projects.
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Staff:
Department:
Amy Oland, Director
Business Management
Overview: The Town is pursuing the issuance of $16.5 million in installment financing to carry out a project to acquire, construct, equip and finance additional construction costs for the Rosemary Street Parking Deck, to pay for the acquisition of a ladder truck, and to pay for furnishings and equipment of the new police station and emergency operations center.
Recommendation(s):
That the Council:
1. Hold the public hearing on the installment financing agreement authorizing the issuance of $16.5 million; and
2. Adopt the resolution that makes a preliminary formal determination to proceed with the financing, makes the findings of fact for the Local Government Commission's evaluation of the financing, and authorizes staff to move forward with the financing process.
Key Issues:
125 East Rosemary Parking Deck -
* On June 14, 2021, Town Council authorized the Town Manager to negotiate and execute a contract for the Rosemary Parking Deck project with an overall project budget of $39 million.
* On November 16, 2022, Town Council increased the project authorization by up to $9 million to cover the known and anticipated cost increases related to the change in design for a new foundation system (micropiles), bringing the total project budget to $47.98 million.
* On March 6, 2024, Town Council increased the project authorization by up to $3.02 million to cover the escalated cost of materials and labor, design fees, and other costs necessary for completion.
* The Town borrowed $39 million in limited obligation bonds in August 2021. In order to incorporate the additional $9 million and $3.02 million in unanticipated and escalated costs, plus the cost of financing, an additional $12.5 million is needed to borrow.
Ladder Truck -
* Vehicle 14002 is a 2014 Sutphen ladder truck used for f...
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