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Restaurant
<br />$1,359,000
<br />Other Buildings
<br />$695,000
<br />Drainage
<br />$294,705
<br />Utilities
<br />$150,830
<br />Concrete
<br />$394,125
<br />Parking Lot/Road
<br />$162,270
<br />Fencing and Walls
<br />$262,650
<br />Batting Cage
<br />$193,400
<br />Ball Field Construction
<br />$1,114,650
<br />Seating
<br />$171,000
<br />Pavillion
<br />$800,000
<br />Maintenance area
<br />$46,380
<br />Tot Lot
<br />$99,200
<br />Lighting/Electrical
<br />$715,000
<br />Street Frontage Improvements
<br />$100,000
<br />Park Furnishings
<br />$80,200
<br />Irrigation
<br />$344,643
<br />Planting
<br />$218,362
<br />Masonry
<br />$25,500
<br />Hard Cost Sub -Total
<br />$7,334,003
<br />11 % Contingency and mobilization
<br />$806,740
<br />Remaining construction total
<br />$8,140,743
<br />Land Acquisition
<br />$2,465,215
<br />Remaining Project Total Budget
<br />$10,605,958
<br />Current Funding availability consists of:
<br />Bond proceeds construction fund $5,518,321
<br />Construction fund interest income $100,000
<br />@ Big League Dreams loan Proceeds $2,500,000
<br />* General Fund CIP Reserves $2,487,637
<br />Total $10,605,958
<br />The bond proceeds construction fund has already been reduced by payments for architects, engineers, licensing, and
<br />consulting. These items were included in the originally approved line item project budget and explain why the current
<br />construction fund balance is less than the original amount funded.
<br />@ Tentative approval received from the Community Reinvestment Fund in the amount of $3,000,000. At a later time in the construction period,
<br />if the City Council so desires, the City could incur the additional $500,000 in debt instead of drawing a like amount from CIP reserves.
<br />* General Fund position as of June 30, 2003:
<br />8% unappropriated requirement $1,816,000
<br />Reserved for non BLD CIP $705,155
<br />Reserved for encumbrances/inventory $669,420
<br />Available for BLD CIP 2,595,756
<br />Total: $5,786,331
<br />Essentially, what the revised budget means is the necessary General Fund CIP portion of the funding has increased
<br />by $1,022,422. However, if the City Council so desires at a later date, the City could borrow the additional $500,000
<br />approved amount from the CRF and reduce the additional amount necessary from CIP reserves by a like amount.
<br />Bla Leaciue Dreams Loan
<br />As mentioned in the above section of this report, part of the City's commitment to BLD is to help them procure a loan
<br />to satisfy their agreement to fund $2,500,000 of the total project cost. For well over one year, staff has worked with
<br />Mr. Scott Rodde of the National Development Council to obtain this necessary loan. As previously stated, staff was
<br />concerned that project cost estimates would increase because of the length of time that has passed since original
<br />approval. As a result a $3,000,000 loan commitment was sought, with BLD responsible for $2,500,000 and the City
<br />for $500,000, if so approved by the City Council.
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