5 - Commissioner Emrich, Commissioner McDowell, Mayor White, Vice Mayor Stokes
and Commissioner Langdon
Yes:
2. PUBLIC COMMENT:
Jill Luke: Spoke to Police headquarters limitations and options.
3. GENERAL BUSINESS:
Discussion and Possible Action Regarding Funding Options for the
Police Department Headquarters Project to Include Review and
Reconsideration of Projects in the Approved 2024-2028 Capital
Improvement Plan and Surtax IV Project List and Other Potential
Funding Sources for Design and Construction of the Project.
Mayor White announced the item.
Mr. Fletcher introduced the item.
Jeremy Niedfeldt, PFM Financial Advisors, provided
a presentation regarding project
overview, funding considerations, plan of finance development, financing alternatives,
amortization, interest rates, bank loan, transaction management, debt service
estimates, and bond issue timeline.
Commission questions and discussion took place regarding bond validation process,
millage rate consideration, leaseback versus bond costs, appropriation process, funding
source options, surtax usage, certificates of participation (COPS), rate comparison, call
options, bond issuance timeline, amortization timeline, leaseback maintenance
responsibility, public private partnership (P3), design build, debt service costs, base
case amount determination, construction cost, modeling plans and comparisons,
general obligation bond versus surtax, surtax revenue projections, surtax received,
priorities, and bond issue financing timeline.
Recess was taken from 10:35 a.m. to 10:45 a.m.
Commission
questions
and
discussion
continued
regarding
funding
amount
determination, capital improvement project (CIP) review, unencumbered investments
available, usable general fund balance, Price Boulevard widening project funding
amount, Commission role, potential emergency operations center (EOC) funding, and
construction timeline, road rehabilitation costs, a plan if voters say no to referendum,
future EOC budget amendment, Surtax IV project review, potential project cuts, and
cutting future surtax projects in half.
Recess was taken from 1:18 p.m. to 1:49 p.m.
Commission questions and discussion continued regarding CIP general fund budget,
general impact fee allocation, payout structure options, park amenity program funding,
fund balance usage and reserves, building design cost, anticipated reimbursements,
Surtax III fund usage, reconsideration of project scope and costs, staff input on design
costs, milage rate consideration, community growth, smaller Police Department
Headquarters option, and property expansion.
A motion was made by Commissioner Langdon, seconded by Vice Mayor Stokes,
to instruct staff to use $4,000,000 from the general fund balance to complete the
design of the Police Department Headquarters to 100%.
Commission questions and discussion continued regarding design changes, and
budget amendment requirements.
The motion carried on the following vote: