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File #: [21-0501]    Version: 2 Name:
Type: Discussion Item Status: Passed
File created: 5/3/2021 In control: Town Council
On agenda: 6/2/2021 Final action: 6/2/2021
Title: Rosemary Parking Deck Update and Adopt Resolution for Initial Findings and to Call a Public Hearing for the Issuance of Limited Obligation Bonds (LOBS).
Attachments: 1. Draft Staff Presentation, 2. Staff Memorandum, 3. Resolution of Initial Findings and Calling a Public Hearing for the Issuance of Limited Obligation Bonds for June 9, 2021, 4. Staff Presentation, 5. Council Questions with Staff Response, 6. Emails from the Public, 7. A RESOLUTION SUPPORTING AN APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR ITS APPROVAL OF A TOWN FINANCING AGREEMENT – 2021 PARKING DECK FINANCING, BLUE HILL ROAD IMPROVEMENTS, AND REFINANCING OF EXISTING LOANS (2021-06-02/R-1)
Related files: [21-0583]


title
Rosemary Parking Deck Update and Adopt Resolution for Initial Findings and to Call a Public Hearing for the Issuance of Limited Obligation Bonds (LOBS).
body

Staff:
Department:
Mary Jane Nirdlinger, Deputy Town Manager
Manager's Office
Dwight Bassett, Economic Development Officer
Economic Development
Laura Selmer, Economic Development Specialist
Economic Development
Amy Oland, Director
Business Management

Overview: The Rosemary Parking Deck will replace an existing deck and support economic development in the Downtown. Construction bids for the project were received on Friday, May 21, 2021 and a representative from Samet Corp. (construction company) will be available to discuss the details of the bids and the resulting budget at the June 2nd meeting. Since accurate bid reconciliation takes time, more detailed information will be emailed to the Council after the holiday weekend.


Recommendation(s):
That the Council receive a project update and offer feedback on parking technology and the project budget. We also recommend that the Council adopt an initial findings resolution and call a public hearing to allow the issuance of Limited Obligation Bonds to fund the project and to proceed on schedule.

Decision Points:
* Select parking technology for the deck
* Approve the Gross Maximum Price (GMP)
* Approve a resolution of initial findings
* Adopt the resolution setting the public hearing for issuance of Limited Obligation Bonds for June 9, 2021 and authorizing the filing of a sworn statement of debt.

Key Issues:
* Since the Council's last update on the Rosemary Deck, market costs have continued to rise. The Council may consider some options and trade-offs for reducing the overall cost. The Council will also need to authorize an increase in the project's overall cost (Guaranteed Maximum Price (GMP)) for construction to proceed this summer.
* There are certain steps related to financing of the project that require Council action, including approval of an I...

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