Post on 23-Feb-2018
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CITY ADMINISTRATIVEOFFICE BUILDINGFEBRUARY23, 2016
SERVINGTHECOMMUNITYINTOTH
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WHERE WE HAVE BEEN
CITY ADMINISTRATIVE OFFICE BUILDING
2007 & 2012 Space Needs Studies
April 2015 Presented project to Council
September 2015 Council Informational project upd
October 2015 Council approved Koch Hazard con
November 2015 Council approved Henry Carlson c
December 2015 Council approved Financial advisoBond counsel services contract
February 2016 Present design and budget to cou
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PROJECT GOALS
CITY ADMINISTRATIVE OFFICE BUILDING
Prepare for growth Improve service to residents
Maximize the taxpayer dollar
Strengthen departmental collaboration
Improve employee work environment
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STAYING AHEAD OF GROW
CITY ADMINISTRATIVE OFFICE BUILDING
169,800
185,100
201,800
217,000
233,200
250,600
1,206 1,314
1,4331,541
1,6561,779
0
20
40
60
80
10
12
14
16
18
20
0
50,000
100,000
150,000
200,000
250,000
300,000
2015 2020 2025 2030 2035 2040
SF Population Employees (based on 71/10,000 pop.)
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DAKOTA AVENUE CORRIDO
CITY ADMINISTRATIVE OFFICE BUILDING
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SITE FEATURES
CITY ADMINISTRATIVE OFFICE BUILDING
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BUILDING FEATURES
CITY ADMINISTRATIVE OFFICE BUILDING
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FLOOR PLAN- BASEMENT
CITY ADMINISTRATIVE OFFICE BUILDING
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FLOOR PLAN- FIRST
CITY ADMINISTRATIVE OFFICE BUILDING
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FLOOR PLAN- SECOND
CITY ADMINISTRATIVE OFFICE BUILDING
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BUILDING FEATURES
CITY ADMINISTRATIVE OFFICE BUILDING
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BUILDING IT RIGHT
CITY ADMINISTRATIVE OFFICE BUILDING
Room for growth
Expandable Flexible
Enduring quality
Energy Efficient
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THE TIME IS RIGHT
CITY ADMINISTRATIVE OFFICE BUILDING
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PROJECT BUDGET
CITY ADMINISTRATIVE OFFICE BUILDING
$21.9 MillionTotal project budget includes:
Final design Building construction
Van Eps Park improvements
On-street parking improvements
Dakota Avenue Corridor Signage Furniture, fixtures and equipment
Legal, administration
Contingency
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PROJECT FUNDING
CITY ADMINISTRATIVE OFFICE BUILDING
Sales tax bonds Sold by competitive bids Tax-exempt rates Maximum 20-year term Repaid by 2ndpenny sales tax revenu
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PROJECT FUNDING
CITY ADMINISTRATIVE OFFICE BUILDING
Use of bond proceeds $21.9 Million to fund project budget Debt service reserve fund Cost of issuance Capitalized interest
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PER CAPITA DEBT
CITY ADMINISTRATIVE OFFICE BUILDING
Fargo, ND $4,638
Lincoln, NE $4,530
Sioux City, IA $3,178
Omaha, NE $2,978
Des Moines, IA $2,880
Topeka, KS $2,774
Rochester, MN $2,733
Sioux Falls, SD(with new bonds) $2,382
Sioux Falls, SD $2,258
Rapid City, SD $2,037
Source: PFM (November 2015)
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$-
$10
$20
$30
$40
$50
$60
$70
Millions
2
ND
PENNY SALES TAX:
REVENUE HISTORY
CITY ADMINISTRATIVE OFFICE BUILDING
Average annual increase o
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2
ND
PENNY SALES TAX: FU
CITY ADMINISTRATIVE OFFICE BUILDING
$-$10$20$30
$40$50$60$70$80$90
$100$110
$120$130
Millions
Assumes 3% Annual Growth in R
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2
ND
PENNY SALES TAX:
DEBT SERVICE COVERAGE
CITY ADMINISTRATIVE OFFICE BUILDING
$-$10$20$30$40
$50$60$70$80$90
$100$110$120
$130
Millions
Assumes 3% Annual Growth
Available for Other Capital
Existing Debt Payments
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2
ND
PENNY SALES TAX:
DEBT SERVICE COVERAGE WIT
ADMINISTRATION BUILDING BO
CITY ADMINISTRATIVE OFFICE BUILDING
$-$10$20$30$40
$50$60$70$80$90
$100$110$120
$130
M
illions
Assumes 3% Annual Growth iAvailable for Other CapitalNew Bond Payments
Existing Debt Payments
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NEXT STEPS
CITY ADMINISTRATIVE OFFICE BUILDING
Seek Council authorization to proceed with project:
Bond ordinance 1streading March 1st 2ndreading & adoption March 8th
If approved:
Initiate next phase of Architect and CMAR contracts Bond sale process
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THANK YOU
QUESTIONS?
CITY ADMINSTRATIVE OFFICE BU