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Home > Documents > City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000...

City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000...

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City Hall Financial Evaluation City Council Workshop Tuesday, July 30 th 2013

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Page 1: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

City Hall Financial Evaluation

City Council WorkshopTuesday, July 30th 2013

Page 2: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

Current General Fund Budget

Rent Expense $240,000

Interest Revenue $280,000 (CRA Loan)

Page 3: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

Potential Construction Funds

Town Center District Property Taxes$5.8 Million +

Assigned Building Permit Fee Surplus$1 Million

Page 4: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

Hypothetical City Hall Lease Purchase

Principal: $6.8 Million

Term: 20 Years

Annual Payment Amount: $500k-800k

Additional Amount Funded Annually by Taxpayers:$260k-$560k

Page 5: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

Criteria for Construction in Lieu of Rent

No tax increases to fund construction Construction will be funded by:

Town Center District taxes Building permit fee surplus

Rent payment and interest income is eliminated from general fund

Page 6: City Council Workshop Tuesday, July 30 th 2013. Current General Fund Budget Rent Expense$240,000 Interest Revenue$280,000 (CRA Loan) Rent Expense$240,000.

Questions?

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