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Council and PBC approve intent to finance new fire station up to $5 million and fund preliminary design
Summary
The Public Building Commission passed a resolution of intent to pursue financing for a new public safety facility with a bonding threshold of up to $5,000,000; the body also authorized NF Construction to produce preliminary design and budget work (fee cap $8,600).
Acting through the Public Building Commission, staff described preliminary steps toward building a new public safety facility (fire station). The resolution of intent authorizes staff, bond counsel and the city's financial adviser to begin planning with a not-to-exceed financing threshold of $5,000,000 for reimbursement and future borrowing purposes.
City Administrator Webb and PBC counsel explained the resolution is an early step to allow reimbursement of pre-issuance expenditures and to start sizing and cost estimating; staff said the building itself is likely to be closer to $4,000,000, with the $5,000,000 limit allowing room for issuance and contingency costs. "One of the first steps is doing this resolution of intent... an amount of money which, has been determined at this point to not exceed $5,000,000," Webb said.
The PBC also accepted a proposal from NF Construction for preliminary design, site plans and a budget estimate to produce buildable plans within roughly 60 days; the design proposal carries a fee cap of $8,600. Council and commissioners discussed financing alternatives, potential bond-rating effects and options to smooth debt-service impacts in the budget; staff said detailed debt-service figures will be provided before any final debt issuance.
