PUBLIC INFRASTRUCTURE
BOND DISCUSSION
C I T Y C O U N C I L
J U L Y 3 0 , 2 0 2 4
TIMELINE
Prior to August 6th
Must Determine
• If Bond is Desired
• Public Facilities to Include
• Total Amount of Bond Issuance
Council to Approve
• Resolution of Public Necessity (2/3 Vote of Council)
• Ordinance Ordering Submission of General Obligation
Bond to the Public (2/3 Vote of Council)
⚬ Requires 2 Readings, Takes Effect Immediately
• Resolution Placing the Bond Measure on the Ballot and Requesting Consolidation with the Statewide General
Election
TIMELINE
Prior to August 6th
Must Determine
• If Bond is Desired
• Public Facilities to Include
• Total Amount of Bond Issuance
Council to Approve
• Resolution of Public Necessity (2/3 Vote of Council)
• Ordinance Ordering Submission of General Obligation
Bond to the Public (2/3 Vote of Council)
⚬ Requires 2 Readings, Takes Effect Immediately
• Resolution Placing the Bond Measure on the Ballot and Requesting Consolidation with the Statewide General
Election
TIMELINE
Prior to August 6th
Must Determine
• If Bond is Desired
• Public Facilities to Include
• Total Amount of Bond Issuance
Council to Approve
• Resolution of Public Necessity (2/3 Vote of Council)
• Ordinance Ordering Submission of General Obligation
Bond to the Public (2/3 Vote of Council)
⚬ Requires 2 Readings, Takes Effect Immediately
• Resolution Placing the Bond Measure on the Ballot and Requesting Consolidation with the Statewide General
Election
COUNCIL DIRECTION
July 16 Council Meeting
• Directed Staff to Continue Preparation for a General Obligation Bond Measure for the November 5, 2024 Statewide General Election
• Rounded to $93,350,000
• Valuation of $17.45 per $100,000 of assessed value
• $6,250,000 Average Annual Debt Service Facility Griffin Study With Add'l
Contingency
Fire Station #1 (New Const)* $17,536,326 $19,289,959
Fire Station #2 (New Const)* $26,149,389 $28,764,328
Police Department HQ (New Const)* $29,420,000 $32,362,000 Police Department Annex (Renovation)** $10,777,123 $12,932,548 TOTAL PROJECT COSTS $93,348,834
* A d d ’ l 1 0 % C o n t i n g e n c y
* * A d d ’ l 2 0 % C o n t i n g e n c y
STAFF RECOMMENDATION
• Approve Resolution of Necessity
• Approve for Introduction and First Reading
• Ordinance Ordering the Submission of the GO Bond Measure to the Voters
PUBLIC INFRASTRUCTURE
BOND DISCUSSION
C I T Y C O U N C I L
J U L Y 3 0 , 2 0 2 4
UPDATED FACILITIES COST ANALYSIS
City Facilities Examined
• Fire Stations 1 and 2
• Police Headquarters and Annex
• Consolidated Option Included
• Public Works Yard
• City Hall
Facility
Option 1:
Renovation
Option 2:
New Construction
(Police HQ Site)
Option 3:
New Construction
(Police Annex Site)
Fire Station #1 $11,423,924 $17,536,326 $17,536,326
Fire Station #2 $7,851,486 $26,149,389 $26,149,389
Police Department HQ $12,705,507 $94,763,316 Included Below Police Department Annex $10,777,123 Included Above $95,644,316 Public Works Yard $6,157,859 $19,621,970 $19,621,970
City Hall $36,171,000 $64,506,000 $64,506,000
TOTAL PROJECT COSTS $85,086,899 $222,577,001 $223,458,001 FACILITIES COST ANALYSIS (06/11/2024)
Examined Key City Facilities
• City Hall
• Police Headquarters and Annex
• Public Works Yard
• Fire Stations 1 and 2
• City Hall
VOTER THRESHOLD
Current Law
• General Obligation Bonds Require 2/3 Vote of the People ACA 1
Proposed Constitutional Amendment
November Statewide General Election
Lower Voter Threshold to 55% for Construction, Reconstruction, Rehabilitation, or Replacement of Public Infrastructure and Other Items
Includes Enhanced Accountability Measures
TIMELINE
Prior to August 6th
Must Determine
• If Bond is Desired
• Public Facilities to Include
• Total Amount of Bond Issuance
Council to Approve
• Resolution of Public Necessity (2/3 Vote of Council)
• Ordinance Ordering Submission of General Obligation
Bond to the Public
⚬ Requires 2 Readings, Takes Effect Immediately
• Resolution Placing the Bond Measure on the Ballot and Requesting Consolidation with the Statewide General
Election
Following August 6th
Staff to Engage
• Municipal Advisor
⚬ Determine Schedule, Provide Additional Advice Related to Bond Issuance
• Bond Counsel
⚬ Issue legal opinion that City has met all legal and
procedural requirements
• Underwriter
⚬ Help City to Structure, Price, and Facilitate the Sale of Bond Issuance
TIMELINE