10-591Amended 6/2/2016
Council File # 10-591
Green Sheet # 3113016
RESOLUTION
A RESOLUTION REGARDING THE INTENT TO ISSUE 2010
GENERAL OBLIGAT'ION BONDS IN TWO OR MORE SERIES AS
TAXABLE RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS
AND/OR BUILD AMERICA BONDS AND/OR AS TAX-EXEMPT BONDS
FOR THE PAYNE MARYLAND RECREATION CENTER/LIBRARY
PROJECT AND THE COMO AND HIGHLAND POOL PROJECTS,
APPROVAL OF A FINANCE PLAN, AND 2010 CITY BUDGET
AMENDEMENT
1 WHEREAS, the City of Saint Paul, Minnesota, a home rule charter city and a political
2 subdivision of the State of Minnesota (the "City"), is authorized by the City Charter and Laws of
3 Min�esota for 1971, Chapter 773, as amended (the "CIB AcP'), and the provisions of Minnesota
4 Stamtes, Chapter 475, as amended (the "Municipal Debt Act"), to issue capital notes, bonds or
5 certificaCes oF indebtedness in order to fmance capital improvements in the City if such capital
6 improvements are made in accordance with the requirements of the City's capital improvement
7 budget process; and
8 WHEREAS, pursuant to CF 09-1095 in October 2009, the City Council of the City
9 previously approved a finance plan for the approximately 36,000 squaze foot Payne Maryland
10 Joint Recreation Center and Librazy (the "Payne Maryland ProjecY') and the issuance of up to
11 $14,000,000 of tasable recovery zone economic development bonds and/or ta�c-exempt bonds
12 (the "Payne Mazyland Bonds") for the City portion of the Payne Maryland Project; and
13 WHEREAS, pursuant to CF 09-1095, this Council named Piper Jaffray & Co. as
14 underwriter with respect to the Payne Mazyland Bonds and Kennedy & Graven, Chartered as
15 bond counsel with respect thereto; and
16 WHEREAS, the finance plan for the Payne Maryland Project attached as a part of CF 09-
17 1095 has been updated by City staff and is attached hereto as E�ibit A(the "Finance Plan"); and
18 WHEREAS, pursuant to Laws of Minnesota for 2002, Chapter 390, Sections 36 through
19 39, as amended (the "Library Bonds AcP'), and the Municipal Debt Act, the Saint Paul Library
20 Agency (the "Library Agency") is authorized to issue debt obligations for the costs of the
21 constructio� and equipping of lib�azy facilities in the City, if certain steps aze taken by the Library
22 Agency and the City as required by the Library Act; and
23 WAEREAS, any debt obligations issued by the Librazy Agency pursuant to the Library
24 Act shall be general obligations of the Ciry and such obligaCions shall not count against any other
25 debt limits of the City; and
CITY OF SAINT PAUL, MINNESOTA ;�/
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WHEREAS, the cost of the construcrion, installarion and equipping of the library portion
of the Payne Maryland Project is properly allocable to the Library Agency and it is advantageous
for the sound financial planning of the Ciry that, in order to fund the library portion of the Payne
Maryland Project, the Library Agency issue general obligation library facility bonds (the "Library
Bonds"), in one or more series, as recovery zone economic development bonds and/or build
america bonds, and/or taY-exempt bonds in an amount to be aT least �3,700,0pp; and
R'HEREAS, along with the Librazy Bonds, it is aiso anticipated that the Ciry will also
issue up to $10,300,000 of general obligation capital improvement bonds (the "CIB Recreation
Facility Bonds"), in one or more series, as recovery zone economic development bonds, build
america bonds, oz tas-exempt bonds to fund the cost of the construction and equipping of the
recreation center portion of the Payne Maryland Project; and
37 WHEREAS, the Library Bonds and the CIB Recreation Facility Bonds together will
38 comprise be the Payne Maryland Bonds and will be authorized in an amount not to exceed
39 $14,OOQ000, all in accordance with the Finance Plan and the intent of this City Council
40 previously approved in CF 09-1095; and
41 WHEREAS, pursuant to the CIB Act and the Municipal Debt Act and in conformance
42 with the Finance Plan, the City intends to issue appro�mately $6,700,000 of capital improvement
43 budget bonds (the "CIB Pool Bonds"), in one or more series, as build america bonds and/or tas-
44 exempt bonds for reconstrucuon, construction, installation, and equipping of renovation of
45 municipal pool facilities for the Como Pool and the Highiand Pool and Bath House (the
46 "Municipal Pool Projects"); and
47 WHEREAS, the Municipal Pool Projects and the CIB Pool Bonds aze described in more
48 detail in the Finance Plan attached to this resolution as Exhibit A; and
49 WHEREAS, Kennedy & Graven, Chartered will also act as bond counsel to the City with
50 respect to the CIB Pool Bonds and the City's Office of Financial Services ("OFS") staff will run a
51 Request for Financing process with respect to the CIB Pool Bonds in order to select a qualified
52 municipat bond underwriter or underwriters; and
5� WHEREAS, the aggregate principal amount of the new money Series 2010B Bonds, the
54 CIB Recreafional Facility Bonds, and the CIB Pool Bonds will not exceed the $20,000,000
SS amount of capital improvement bonds of the City that may be issued in fiscal yeaz 2010; and
56 WHEREAS, the aggegate amount of capital improvement budget bonds planned to be
57 issued by the City in fiscal yeaz 2011 is cunently estimated to not to exceed $ll,000,000, and
58 $7.451.000 in 2012 and $7 075 000 in 2013; and
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60 WHEREAS, the Payne Maryland Project and Municipal Pool Projects aze Capital
61 Improvement Projects, and
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WHEREAS, the Highland Pool Project was reviewed by Capital Improvement
Committee on May 10, 2010; and �
WHEREAS, in order to start design/engineering for the Highland Pool Project for 2011
re-opening, the Pazks deparunent must amend its budget in the amount of $300,000; and
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WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint
Paul, does certify that there aze available for appropnation, funds of $300,000 in excess of those
estimated in the Capital Improvement Budgets;
NOW, 'I`HEREFORE, BE IT RESOLVED by the Councii of the City of Saint Paul,
Minnesota, as follows:
1. ApUroval of Fmance Plan. The Finance Plan for the Payne Maryland Project and
the Municipal Pool Projects - Summer of 2010, which includes a plan of finance for the
Municipal Pool Bonds and the Payne Maryland Bonds, is attached as Exhibit A and is approved.
2. Reimbursement Intent. The City intends to make expenditures for the Payne
Maryland Project and the Municipal Pool Projects and reimburse such expenditures from the
proceeds of the Payne Maryland Bonds or the CIB Pool Bonds, as applicable. This resolurion is
intended to constitute a declaration of official intent, for purposes of Sechon L150-2 of the
Treasury Regulations, with respect to certain original expenditures made from any sowces other
than the proceeds of the Payne Maryland Bonds or the CIB Pool Bonds in conjunction with the
Payne Maryland Project and the Municipal Pool Project, as applicable.
3. Final Anoroval of Bond Issuance in Julv 2010. OFS staff, along with assistance
from the City Attomey and Kennedy & Graven, Chartered is hereby directed to work on the
issuance of the Payne Maryland Bonds and the CIB Pool Bonds for a negohated sale in two or
more series on bonds, subject to final approval by this City Council of the terms and conditions of
the Payne Maryland Bonds and the CIB Pool Bonds on July 14, 2010 or such later date as
determined advantageous by OFS staff and the financial advisar to the City.
NOW, THEREFORE, BE IT FINALLY RESOLVED, by the Council of the City of Saint
Paul, upon recommendation of the Mayor and advice of the Long Range Capital Improvement
Budget Committee, that $300,000 is available for appropnation in the 2010 Capital Improvement
BudgeY as heretofore adopted and amended by this Council, be further amended in the Capital
Improvement Budgets in the following particulars:
SPENDING
Highland Pool and Bathhouse Renovation, Phase 2:
C10-3xxxac-0780 —Pro�ect Design
TOTAL
Current
Budeet Chan e
$0 $300,000
$0 $300,000
Amended
Budeet
FINANCING
Highland Pool and Bathhouse Renovation, Phase 2:
C10-3�txx-7330 —2010 Bond Proceeds
TOTAL
$300,000
$300,000
$0 $300,000 $300 000
$0 $300,000 $300,000
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10-591
DeparimenUOfficelCouncil: Date lnriiated:
FS -FinancialServices 25MAY2010 Green Sheet NO_: -3113016
Confaet Person 8 Phone: Departrnent �� . Sent To Person 'tiallDate
BOb GOUCS � 0 ancialServices
26�-$$�7 1 inancialServices De artmentDire r
�---- AsSign Z ' Attorne - C Attome
I MUSt Be on Council Agenda by (Date): Number 3 a or's OtSce Ma or/Assisrant
02-JUN-10 For
- Routing 4 ounc�l � Ciry Couacil
Doa Type: PUBLIC HEARING Order 5 i Clerk Ci Cierk
(RESOLUTION) _ -
E-DocumentRequired: Y , -
DocumeM ConWCt Bob Geurs _
Contact Phone: 2666837
Total # of Signatvre Pages _(Ciip Ali Lowtions for Signature) �
Action Requested:
Approve attached resolution regazding the intent to issue 2010 GO bonds to one or more series as taxable recovery �zone economic
development bonds and/or Build America Bonds and/or as taac-exempt Bonds for the Payne-Maryland Recreation/Library project and
Como and Highland Pool Projects and approval of a finance plan and 2010 Budget Amendment
Recommenda6ons: Approve (A) or Reject (R): Personal Service Contrects Must Answer the Following Questions:
� Planning Commission 1. Has this personlfirm ever worked under a conVact for this department?
CIB Committee Yes No
Civil Service Commission 2. Has this personlflrm ever been a city employee?
Yes No
3. Does this perso�/firtn possess a skill not normally possessed by any
current city employee?
Yes Na
Explain all yes answers on separate sheet and aNach to green sheet.
Initiating Problem, Issues, Opportunity (Who, Wha; When, Wh¢�re, Why):
2010-2011 CIB budget includes bond financing for Payne-Maryland RecreatiQn/Library Center, Como and Highland Aquafic
Centers. In addition the City can take advantage of BAB and RZED programs and lower construction and boirowing costs.
Advantages If Approved:
The Ciry will proceed wiffi £mancing plan
Disadvantages If Approved:
Nonelmown
DisadvanWges If NotApproved:
The bond proceeds will not be available to finance the pmjects.
Total qmouM of $300,000.00
Transadion: CosURevenue Budgeted:
Funai�y source: 2010 Bond proceeds pct;v;ty Numnec See Budget Amendment
Financial Information:
(Explain)
May 25, 2�10 1:31 PM Page 1
10-591
EXHISIT A
FINANCE PLAN
Three Public Projects — Summer 2010
Como Aquatic Project
Highland Aquatic Project
Payne/Maryland Recreation Center and Library Facility Project
June 2, 2010
Prepared by OFS Treasury
10-591
Plan of Finance for 2010 Nlunicipal Aquatic Facilities Bonds
(Como and Highland Aquatic Center Projects)
Background
The Mayors 2010-2011 CiB budget includes $7,440,d00 for Como Aquatic Center to pay
for pool reconstruction for 2010 of which $4,500,0(10 are bond proceeds and the balance
is cash on hand and state grants. Currently in 2011, is $2,200,000 of future bond proceeds
for Highland Aquatic Center to pay for the Bathhouse reconstruction.
Project Description/Schedule/JobsMap/Budget
Como Aquatic Center —begins construction in September of 2010 and opens the new
facility for the 2012 swim season. This construction will generate 279 jobs.
Highland Aquatic Center -begins construction in September of this yeaz and reopens the
facility for the 2011 swim season. This construction project will generate an additional
31 jobs.
The Project Map and Budgets for Como and Highland Aqua[ic Centers aze shown on
Attachment III and IV.
2010 Municipal Aquatic Facilities Bonds, (Como and Highland Projects), 2010
Series E
OFS staff recommends, after analyzing funding the Highland Aquatic Center of
$2,200,000 with an Internal Loan and takeout with the future 2011 CIB issue, to do an
Build America Bond (BAB's) this fa11 for $6,700,000 rather than the original $4,500,000
forjust the Como ProjecL The benefits summazized below include taking advantage of
the continued low construction pricing and interest rate environment by issuing Build
America Bonds before the end of 2010.
The Municipal Aquatic Facility Bonds are Build America Bonds for $6,700,000 M for 20
years long with cash and Metro Parks money of $2,948,000 for Como Aquatic Center. It
is assumed to close i� Sept 2010. The total Financing and Spending Plan is $9,648,000.
Como Aquatic Center $ 7,448,000
Highland Aquatic Center 2,200,000
$ 9,648,000
See Attachment I— Source and Uses/City Council ApprovallFinancing Schedule.
The Financing Plan contains a comparison to show lowest borrowing costs (see
Attachment II). These G. O. bonds will have a term of 20 years and the net debt service is
approximately $466,000 in 2011 and $464,000 in 2012. The estimated true interest cost is
3.56% (plus 50 basis point to the current market of 3.06%).
10-591
Proposed City Council Actions(Financing Schedule
On June 2, 2010 there will be a City Resolution to consider this revised Finance and
Spending Plan for Como and Highland Aquatic Projects, lntent to issue bonds for
56,70Q000, and a 2010 budget amendment for �300,000 for design and engineering for
the Highland Aquatic Center after the a public heazing. OFS Staff wili return in July to
City Councii for final bond resoluuon on the 207 0 BAB's issue. The bonds will be closed
in September 2010.
Bond Timing/Legal Authority
The Build America Bonds need to be issued by December 31, 2010 to take advantage of
the 35 percent federal on the interest portion of the debt service. BAB's would be issued
under the City Charter, MN Laws 1971 Chapter 773 and 475 which governs St, Paul CIB
Authority. The amount of 2010 CIS bond authoriry remaining after these projects is
$10,300,000. Also attached aze the CIB Budget and Program Project Sheets (see
Attachment V— Legal Authority and Remaining CIB Authority).
ForAttachments - see end of Finance Plan.
10-591
Plan of Finance for Payne Maryland (RedLibrary) Project
Background
In the October of 2009 in CF 09-1095 City Council approved the Finance Plan.
The adopted 2010-2011 CIB budget includes $ 14,000,000 for Payne/!Viaryland Project
with completion in eazly 2013.
Project DescriptionlSchedule/Jobs/\�Iap(&udget
Build a combined 36,000 square foot Recreation Center and City Librazy and related
pazking on City owned land at Payne and Maryland. The public project is estimated at
$14,000,000 and it will ]everage a second Town Centre phase for additional estimated
$21,000,000 of private funds on the adjacent City controlled land.
Payne Maryland Recreation Center and Library Facility—begins construction activity in
the fall of 2010 and opens the new facility early in 2013. This construction will generate
562jobs.
The Payne/Mazyland Project Map is shown on Attachment III and the Project Budget is
on Attachment IV.
Recreation Center and Library Facility G.O. Bonds, (Payne Maryland Project),
2010 Series F & G
The OFS staff still recommends the following adopted Finance and Spending Plan for the
Payne Maryland Project on June 2, 2010 as part of City Intent to Issue Recovery Zone
Economic Development Bonds. This will take advantage of the continued low
construction pricing, interest rate environment and maximize credits from the federal
govemment by issuing before the end of 2010.
$14 M RZED BONDS. Issue up to $14,000,000 of City G.O. bonds in 2010 as Recovery
Zone Economic Development Bonds ("RZED's), using the federally approved Ciry
entitlement of $8,672,000, in combination with Build America Bonds (BAB's) and
traditiona] ta�c exempt debt to have Che lowest debt service costs. The RZED's, which
need to be issued by December 31, 2010, will take advantage of the 45 percent federal on
the interest portion of the debt service and 35 percent credit on the BAB's portion.
For this issue, the optimized debt service over 25 years would be approximately $814,000
per year, afrer the direct payment credit from the IRS. These G. O. bonds will have net
debt service is approximately $816,400 in 2011 and $812,600 in 2012. The estimated true
interest cost is 3.26% (plus 50 basis point to the current mazket of 2.86%; see Attachment
In.
Initial Finance Plan/Use of $8M Tax Exempt ISP Bonds. In October 2009, City Council
approved an initial Finance Plan which increased the Project from $8,000,000 to
$14,000,000. It was assumed that the City would issue $14,000,000 of bonds in 20I0.
The adopted 2010 City Budget reduced 2010 C1B Bonds from $11,000,000 to $3,000,000
�
10-591
and used 58>000,000, from remaining 2007 STAR Bonds, to fund $8,000,000 of 2010
CIB Projects.
Proposed City Council Actions/Financing Schedule
On June 2, 2010 there will be a City Resolution to consider the Finance Plan and the
intent to issue a Payne/ Maryland Rec/Librazy Facility Bonds, 2010 Series F&G
(RZED's and BAB's) for $14,OQ0,000. OFS staff will return in July for final bond
resolution for the Ciry Council to consider approval of the 2010 Series F issue and meet
as the Library Board for the remaining bonds, 2010 Series G which will be issued using
Library Authority. The bonds will be closed in September 2010.
Bond Timing/Legal Authority/ltemaining Planned CIB Authority for 2010 and 2011
The Bonds need to be issued by December 31, 2010 to take advantage of the 45 and 35
percent federal credit on the interes[ portion of the debt service. The bonds will be issued
under the authority of the City Charter, MN Laws 1971 Chapter 773 and 475 which
governs St, Paul CIB Authority for approximately $10,300,000 and Library Authority
under City Library Ordinance, MN Laws 2�02, Chagter 39Q, Secs. 36-39, Chagter 475
for the balance of approximately $3,700,000 (see Attachment V— L,egal Authority).
The amount of Planned 2010 CIB bond authority remaining after these three public
projects is $0 for 2010 and $i I,000,000 for 2011 (See Attachment VI — Remaining
Planned CIB Authority for 2010 and 2011).
Benefits of the Three Public Projects - Summer 2010
Como Aquatic Project
Highland Aquatic Project
Payne/Maryland Recreation Center and Library Facility Project
The City wilt take advantage of
• Recovery Zone Economic Development Bonds and Build America Bonds,
made available through the American Recovery and Reinvestment Act, that
will reduce our overall debt service costs
• Historically low interest rates that will reduce our overall debt service costs
• Historically competitive construction markeC to further reduce our costs
• Efficiencies of combining these bond sales into one sale
Residents will benefit by
• Always having an open outdoor swimming pool. Highland Aquatic Center
will be open for swimming next summer. Otherwise, both of the city's
outdoor pools would be closed next season.
848 construcYion jobs from the city's $23.6 million investment in public
facilities (includes Como and Highland Aquatic Center Project).
Lower overall costs for the projecCs
10-591
Attachments
Binance Plan for Three Public Projects — Summer 2010
Attachment I- Sources and UseslCity Council Actions/Financing Schedu�e
Public T ifrastnicture Investment Creates Jobs
Attachment R - Debt Services
2010 Series E Bonds - $6,700,000
2010 Series F& G Bonds -$14,000,000
Attachment III - Project Map
Como
Highland
Payne/1Vlaryland
Attachment IV - Project Budget
Como
Highland
Payne/Maryland
ACtachment V- Bond Timing/Legal Authority
Attachment VI — Remaining Planned CIB Authority for 2010 and 2011 - 2010
CIB Budget and Program Project Sheets for three Projects
R:\Treasury�Debt�Pro�ecH2O10 Public Projec[s\Fin Plan for rhree Public Projects for Summcr 2010.4quatic Facil�ties and
PaynGMaryland Pro�ect
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10-591
Public Infrastructure Investments Create lobs: Payne-Maryfand
Library/Rec Center, Como Aquatics Facility and Highland Aquatics Facility
Decisions to date: The adopted 2010 and Preliminary 2011 Capital Budgets include
• Payne Maryland Library/Rec Center ($14 million)—begin construction activity
in the fall of 2�1� and open the �ew facility early in 2013. This construction
wifl generate 562 jobs.
• Como Aquatic Center ($7.5 miilion}—begin construction in September of
2010 and open the new facility for the 2012 swim season. This construction
will generate 279 jobs.
• Highiand Aquatic Center renovations ($2.2 millionj—begin construction in
the spring of 2011 and reopen the facifity for the 2012 swim season.
Proposal to leverage planned investments to accelerete job growth and save money:
• Begin construction of the Highland Aquatic Center renovations in September
of this year (2010) and reopen the facility for the 2011 swim season. This
construction projed will generate an additional 31 jobs.
We will take advantage of
• Build America and Recovery Zone Bonds, made available through the
American Recovery and Reinvestment Act, that will reduce our overall debt
service costs
• Historica�ly low interest rates that wil! reduce our overall debt service costs
• Historically competitive construction market to further reduce our costs
• Efficiencies of combining these bond sales into one sale
Residents will benefit by
• Always having an open out�oor swimming paoi. Highland Aquatic Center will
be open for swimming next summer. Otherwise, both of the city's outdoor
pools would be closed next season.
� 872 construction jobs from the city's $23.6 million investment in public
facilities.
• Lower overall costs for the projects
10-591
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Project Begins: March 8, 2010
Design Development / Review I Cost Estisnate: June 7, 201 D
Construction Document PYep: August S, 2010
Bid Period / Bid Award.• Septefnber 8, 2010
ConstNUCtion Begins: September 22, 201 D
Complete Constr°uction : Septe�nber� 10, 2011
Opening: June 1, 2012
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Attachment III B- Highland Pool
Location Map
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P�ogramnzing Begins: May 3, 2010
Scheinatic Design /Review / Cost EstiTnate: June 4, 2010
ConstNUCtion �ocument PNep: July 19, 2010
Bid Period / Bid Awa�d: August 25, 2010
ConstNUCtion Begins: SeptembeY 20, 2010
Complete Const�uction / Opening.• June 1, 2011
10-591
Attachment III - Payne / Maryland Project
Location Map ,
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Schedule
Prograinming Begins: October 7, 2009
A�chitect Selection: Novembe� 20, 2009
Schematic Design : May 2010
Design DevelopnzentlReview/Cost Estiinate: Septembe�^ 201 D
Const�uction Document PNep: March 2011
Bid Period / Bid Award • April - May 2011
Constructiojz: June 2011 - Decerr2ber 2012
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ATTACHNtENT IV - Project Budget
Cbvfog<v9'�oE:&iatc�+at"Euatafi6a��--�- �; �. ....:�,:.. ::..,_:551i99-
TatalPro'ectCosd Ybasel 7,648,000 ��' 'e-..7M1'OY.
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Finance and 5pending Plan
10-591
ATTACHMENT IV - Project Budget
Finance and Spending Plan
Highland Aquatic Project
Land Acqmsmon/Demo/Relocanon
Demo�rt�on
�.�
Profession Services
Des�gns (A&E) Fees -Extemal
Other Professiona] Sernces
Pro�ect Mgmt
intemal (Pazks)
Pool upgrades
TickeVconcession/upgrade ex�sung bidg
Sne Related and Pazkmg and ConGngency
S�te Work
Surface parkmg
Contingency
Furmture Fixtures and Equipment (FF&E)
Tele Com& SecunTy
Pubhc Art
Costs
Costs be(ore
t otal rro�ec[ �.oscs - apeno�ng r�an • �oc:
Sources - Finance Plan
2010 ?vlunic�pal Pool Faciliry Bonds, Seties E
or Material Escalation
250,000
212,500
65,000
500,000
750,000
125,000
200,000
9,000
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10-591
Attachment IV - Project Budget
vOTES AND ASSUMPTIONS
Finance and Spending Plan
(! ) Lasc fall Ciry Council adopred 5385,000 budge[ for Schemanc Design for on OM "1 m CF 09-1095 of wh¢h $210,000 will be ehgible for re�mbursement
from fuwre RZED Bo�ds for S14,OOO,D00
2�61]5,000 �s Not El�pjble fw RZED Bond Reimbwsemrnt
ectIniriafives
port on Muln-Phase Pro�u[
undenvay of Four Houses and garagc
Ruse near Chwch parkmg lot
Amount BudgetSource
149,000 2006 C1B Contingency(Cp OS-1388)
600,000 ISP eonds- HRA Res
STAR $300K Loan and S300K Grant m Pame-Maryland Parmership LLC
80,000 Esv amount ebgble for VSP Federel Gnnt (mt yet awarded)
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