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Track 1
- The City Hall, Public Works, and Lakefront Promenade remain in their existing condition
The City would continue to save for the future construction of these facilities. The estimated cost to construct City Hall in seven years (2013) would be $6,163,020, and in fifteen years (2021) $12,326,040.
OR
The City would consider existing facilities as long term solutions to space needs and decide not to save for the project. In turn, money from bond debt would be cut from the budget or dedicated to other projects.
Track 2
- Construct Public Works in the Fall of 2006 and City Hall in the Spring of 2007
Finance project via Capital Improvement Bond and W/S Revenue Bond. The CIP and W/S Revenue Bonds could be approved by the City Council or by referendum. If approved by referendum; costs would be assigned by market value rather than tax capacity value.
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Taxable Market Value of Home
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Average Additional Levy Needed Per Year
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$100,000
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$2.30-per month or $27.64-annually
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$150,000
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$3.45-per month or $41.45-annually
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$200,000
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$4.61-per month or $55.27-annually
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$250,000
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$5.76-per month or $69.09-annually
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Track 3
- Construct Public Works in the Fall of ‘06, and City Hall and Lakefront Promenade in the Spring of ‘07
Using Capital Improvement Bonds, construct Public Works in the Fall of 2006 and through General Obligation Bonds (special legislation), construct the City Center and Lakefront Promenade in the Spring of 2007. The City would seek “special legislation,” which would enable the City to use GO Bonds to do the City Center and Lakefront Promenade; with the option of referendum by petition of the residents.
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Taxable Market Value of Home
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Average Additional Levy Needed Per Year
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$100,000
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$4.59-per month or $55.08-annually
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$150,000
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$6.88-per month or $82.62-annually
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$200,000
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$9.18-per month or $110.16-annually
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$250,000
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$11.47-per month or $137.69-annually
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Long Term Vs. New Construction
City offices currently comprise just over 3,100 sq. ft. and would cost taxpayers approximately $435,600 in lease payments over the next 10 years. If the City matched the 12,000 square feet in the proposed building, rent would be approximately $106,000 for just one year. The table below provides a comparison of the estimated future leasing costs for city office space at 3,100 square feet over the next 50 years and costs associated with Track 3 (City Hall, Public Works, Lakefront Promenade and contingencies) over the next 50 years.
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Year Per 10 Years
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City Hall Rent
Est. Per 10 Years
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Track 2 Per 10 Years
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2008-2017 (10 yrs.)
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$435,600
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$1,753,800
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2018-2027 (20 yrs.)
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$871,200
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$2,764,000
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2028-2037 (30 yrs.)
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$1,742,400
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$552,800
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2038-2047 (40 yrs.)
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$3,484,800
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0
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2048-2057 (50 yrs.)
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$6,969,600
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0
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TOTAL
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$13,503,600
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$5,070,600
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