Agenda Item Title:
Title
City Council discussion of funding mechanisms for various capital facilities projects
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Presenter:
Council Members
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Description/Background:
Throughout the FY24 budget discussions about how to fund construction of a new Fire Station, Alta Canyon Recreation Center, and other Capital Projects continuously came up. This item is meant to allow for Council discussion on this topic and to allow Council Members to present new proposals and ideas on this topic.
On December 6, 2022 the City Council adopted Resolution 22-57C, In part, this resolution directed City Administration to prepare a parameters resolution and ballot proposition for the issuance of a general obligation bond to fund the rebuild of Fire Station 31.
On January 3, 2023 the City Council adopted Resolution 23-02C. This resolution declared the Councils intention to pursue a full rebuild of the Alta Canyon Recreation Center, directed City Administration to begin the design process, and set a cap for the cost of the project at $40,000,000.
These are two of the most recent examples of actions taken by the Council regarding major capital projects.
Fiscal Impact:
Depending on the projects and funding mechanism selected, this will have a significant fiscal impact in the millions or tens of millions. The impact may include bonding for one or more projects.
Further action to be taken:
This is an informational report. Should the Council desire to move forward with any options discussed this evening formal action should be taken during a regular business session. If a general obligation bond election is decided upon, the additional steps (as outlined in the attached timeline) will need to be taken. The first being the adoption of a Resolution calling for a bond election. This must occur prior to August 24, 2023.
Recommended Action and/or Suggested Motion:
Recommendation
The Council may discuss the proposals attached to this agenda item, or any new options that arise during discussion. If the Council reaches a conclusion as to which option they'd like to pursue, then the Council may give direction to staff to bring back the appropriate resolution or other item for formal Council consideration in a business session.