CITY COUNCIL 1-13-03 council agenda
NEW BUSINESS
1. Authorize the City Manager to Prepare Loan Document for the Balance of Funds the Elawa Farm Foundation Needs to Perform Phase I Restoration of the Elawa Farm Complex
PRESENTED BY SUPT. OF PUBLIC WORKS KEN LEONE (615-4300)
The Elawa Farm Commission is prepared to proceed with Phase I Restoration of the Elawa Farm Complex. Phase I consists of exterior restoration and interior renovation of a portion of
the eastern part of the farm group, to provide quarters for the Parks & Recreation Department’s Wildlife Discovery Center and space for public assembly and restrooms.
Funds currently available for the project total $688,465.00:
Elawa Farm Foundation $400,000.00
Middlefork Subdivision Rebate 72,000.00
Park & Recreation Department/
Wildlife Discovery Center 103,595.00*
Lease (20-year payback period) 112,870.00
TOTAL $688,465.00
*Inclusive of $25,000 State Grant.
The cost of Phase I $982,275.00:
Infrastructure/Utilities $112,870.00
Construction
Wildlife Discovery Center 103,595.00
“Common” Space 189,745.00
Exterior 481,715.00
TOTAL $887,925.00
Architectural/Engineering Services 94,350.00
GRAND TOTAL $982,275.00
The difference between the cost of Phase I Restoration and funds available is:
Cost $982,275.00
Available $688,465.00
Total $293,810.00
This amount can be loaned to the Elawa Farm Foundation from the City’s Reserves, for a period of five years at an annual interest rate of 3%.
Recommended Action: Authorize the City Manager to prepare a loan document for $300,000, which the Elawa Farm Foundation requires to perform Phase I Restoration.