Item A - Nov.2004 Bond Issue - Laserfiche WebLink

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ATTACHMENT D Proposed Financing Plan for the Civic Center Vision Financing Plan Options There are five options presented in this analysis, ranging from a base Community Safety Build- ing fully funded internally, to a combined City Hall and Community Safety Building option funded with internal resources plus General Obligation ("G.O.") Bonds. The option labels correspond to the building options presented above. Option A: The "Meeting Current Needs" option is paid for entirely with internal funding to come from current and future Facility Reserve resources and other one-time funds that are available or will most likely become available within the next year. Option B: The "Combining Near-Term Space Needs with Civic Center Amenities" option adds to the "Meeting Current Needs" option with expansion space to 2018, social service agency lease space, purchase of the butterfly lot, development of addi- tional park block space, redevelopment of lost parking, and "Civic Street" im- provements, and is funded with $29.1 million of internal resources and $12.6 million in General Obligation Bonds. Option C 1: The "Twenty-year Space Needs and Civic Center Amenities" option includes additional expansion space and more public meeting rooms, and is funded mainly with $29.2 million of internal resources plus $22.0 million of General Obligation Bonds. Option C2: A variation of the "Twenty-year Space Needs and Civic Center Amenities (pri- marily G.O. Bonds)" option is funded with $47.8 million of General Obligation Bonds plus $3.7 million of internal resources. Option D: "Full Consolidation City Hall plus Community Safety Building" is funded with $40.6 million of internal resources plus $70.8 million of G.O. Bonds. All of the options rely on significant amounts of one-time resources. According to the council- adopted Financial Management Goals & Policies, Policy C.6., the City will use non-recurring revenues (i.e., one-time revenues) on limited-duration services, capital projects, equipment requirements, or services that can be terminated without significant disruption to the community or City organization. The one-time resources included in the financing plan are used for a high- priority capital projects such as the Civic Center vision under this policy. Some of those one-time resources are subject to legal action before becoming available for this project, however. The use of the deferred revenue from the Telecommunications Tax lawsuits and from right-of-way payments in the General Fund carries some risk. Those funds are still the