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HomeMy WebLinkAboutSenior Center in Central Park - Study Session 07-01-2013 7/1/2013 SessionCity Council Study ; :. ELI Slater Ave. 9�e J Sanger Center Central Project Site___ Talbert Ave. sports Complex Disc Huntington Lake courrise v W Center Mob" Ellis Ave. Homes / s COMMUNICATION Mee*V Dale: 7 — / — /3 1 Agenda Item No. �—SJ ;:11�� l . Project Area: Within 14-acre undeveloped portion of Central Park Background • Feasibility Study: Need for new facility and potential locations — March 2006 7777 • Council Approval to place on General Election Ballot — July 3, 2006 • Voter approval — November 7, 2006 • Entitlement Process . Community Services Commission Approval . Planning Commission — Conditional Use Permit, EIR and General Plan Amendment Project Description 37,563 square foot building, including: , Community hall/dining room, fitness and group exercise room, classrooms, offices, social lounge, lobby, transportation office , Open area — patio and lawn , 233 Space Parking Lot Current Status ■ Entitlement Approval Complete Conditional Use Permit No. 07-039 (R) SEIR No.07-002 General Plan Amendment No. 11-004 ■ Construction Documents approximately 75% complete Next Steps ■ Contract with design firms to complete plans and specifications Architect: DLR- $209,000 Civil: FUSCOE Engineering- $48,500 Traffic: LLG -$7,500 Constructability/Cost Analysis: Griffin Structures - $28,500 ($300,000 included in current FY CIP Budget) Project Schedule* iCompletion of Construction Documents Jan. 15, 2014 Council Approval to Advertise for Bidding Jan. 20,2014 .Bid Period Jan. 27—Mar. 21, 2014 rBid Opening/Review & Contract Preparation Mar.24—Apr. 18, 2014 rCouncil Award of Construction Contract May 5,2014 %Construction Period June 2014—Dec. 2015 "Based upon July 1,Council approval of design firm contract Local Funding Opportunities ■ Private Donations: HOAG Hospital — Supported the OASIS Senior Center in Newport Beach Local Area Hospitals— HBCOA members have expressed their interest in supporting the project , Grass Roots Fundraising— Led by the HBCOA and other community partners Increased potential for fee generation when a new center is operating: Additional Funding Options Finance Department SUPPLEMENTAL ►, Huntington Beach Senior Center Discussion of Potential Funding Sources July 1, 2013 Presented by Lori Ann Farrel4 Director CHI MFinancial\IanaKement,LLP Background • City is evaluating a new Senior Center at the Central Park site approved by voters • Construction costs are currently estimated at approximately $15 million • Initial financing plan included up to $22 million from Pacific City developer fees • Due to Pacific City project delays, no development fees have been generated at this time z Potential Funding Sources • Debt financing paid from the General Fund can be a viable option — Debt is similar to existing lease revenue bonds issued for other facilities (e.g. City Hall and Sports Complex) — Bonds sold today would be tax-exempt. and payable in equal installments over 30 years — Fora$15 million bond, annual debt service payments would equal approximately $1.2 million �3 Existing 30 Yr Debt Service Schedule HuntingtonCity of General Fund Supported Annual Debt Service $7,000 >New debt service I �y���� Could be fundedfrom Capital � � � . ■ — service in 2017 Interim Funding Options • Potential interim sources include: — Capital Improvement Reserve ($5.9 million current balance) — Infrastructure Fund ($1.8 million current unencumbered balance) — Park Acquisition and Development Fund 5 Other Potential Funding Sources • Additional Park Development Fees — As of yet undetermined , but may be available • Inter-Fund loan — An inter-fund loan between the General Fund and an Enterprise Fund is another option - 16 External Funding Sources • Most senior centers, including the existing facility, rely on external funding, such as: — Individual Donations or Gifts — Participant, Activity, or Rental Fees — Foundations or Grants — Federal, County, and State Government Grants 17 Capital Funding Campaign • Funding for large capital projects can be generated through capital campaigns — Targeted funding from corporate and private donations — Successful examples exist locally and nationwide (e.g.. Newport Beach) — City can partner with local non-profits to build support and resources for the capital campaign -' 8 Senior Center Financing Options QUESTIONS ?