Base Project Standalone
Gymnasium Total Notes
Estimated Cost $ 34,800,000 $ 8,000,000 $ 42,800,000
Current Funding Sources
Measure X Financing 8,000,000 - 8,000,000
As reported in a February 22nd Council meeting. This Public Funding is based on the then interest environment with a maturity date of 2044. Interest rates have increased since, so likely would not be able to generate the full $8 million.
Teen Innovation Center Grant 5,000,000 - 5,000,000
Community Development Block Grant 800,000 - 800,000
Available Funds 13,800,000 - 13,800,000
Shortfall (21,000,000) - (29,000,000)
Funding Being Pursued
Capital Campaign 10,000,000 - 10,000,000 In process. To date have received a $2 million pledge State/Local Grants & Other Funds 6,900,000 - 6,900,000 In process, nothing has been awarded Subtotal Possible funds 16,900,000 - 16,900,000
Hopeful Shortfall (4,100,000) - (12,100,000)
New 1/2 cent TUT 12,500,000 0 12,500,000
As reported in a February 22nd Council meeting. This assumes a USDA loan based on the then interest environment with a maturity date of 2062. Interest rates have increased since, so likely would not be able to generate the full $12.5 million.
Net shortfall 8,400,000 400,000
Though the interest environment in a few short months is not as favorable, a new 1/2 TUT would clearly and unequivocally make this project more doable especially the base project.
Community Center Complex Project
Why a New Dedicated 1/2 Cent Transaction Use Tax?
ATTACHMENT A