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The original item was published from 6/16/2016 10:53:26 AM to 8/1/2016 12:00:03 AM.

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Posted on: June 16, 2016

[ARCHIVED] City Hall Options

1916 City Hall

Updated Options provided to the City Commission on 6/13/16 and presented to the City Commission on 6/14/16 by City staff.

Options Presented:

Option I -- Do Nothing – Estimated $164,000 in annual operating costs --Annual estimated cost to homeowner of $100,000 home for project costs if amortized with 30 year bonds is estimated at $0 per year.*

Option II -- Remodel of current City Hall with Addition -- Estimated $8,263,000 plus $139,000 in annual operating costs -- Annual estimated cost to homeowner of $100,000 home for project costs if amortized with 30 year bonds is estimated at $105 per year.*

Option III -- Remodel current City Hall and Build New Emergency Services Building – Estimated $12,390,500 plus $209,500 in annual operating costs -- Annual estimated cost to homeowner of $100,000 home for project costs if amortized with 30 year bonds is estimated at $157 per year.*

Option IV -- Relocate City Hall to 807 W. Laurel and add apparatus bay -- $5,357,000 less $500,000 would be paid to the City by Mercy toward cost -- Estimated $4,857,000 plus $143,000 in annual operating costs less $100,000 in annual lease payment from St. John’s for a total of $43,000 per year. -- Annual estimated cost to homeowner of $100,000 home for project costs if amortized with 30 year bonds is estimated at $62 per year.*

Option V -- New City Hall Complex – Estimated $12,345,000 plus $155,000 in annual operating costs -- Annual estimated cost to homeowner of $100,000 home for project costs if amortized with 30 year bonds is estimated at $156 per year.*

*Rounded up to nearest one dollar. Based on amortizing project cost with 30 year bonds at 3.25% plus issuance cost. Other funding options may be approved to decrease the amount needed to finance any selected option.

Funding Options -- Annual costs to homeowners were determined based on issuance of 30 year bonds, however, annual mill levy support for debt service may be reduced by utilizing one or more of the following resources: Currently budgeted Special Use Sales Tax - $1,014,000 for electrical, roof, drainage and access, and tower; Estimated Special Use Sales Tax revenue per year for ALL City facilities improvements:  $465,000 per year 2017 – 2022; Currently budgeted bond support – 4.67 mills -  approximately $225,000 per year.

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