HomeMy WebLinkAboutStudy Session 1 - 12-16-2013 - Huntington Beach Senior Cente Huntington Beach
Senior Center in Central Park
CityCouncil StudySession
December 16, 2013
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COMMUNICATION
Meeting Date:
Agenda Item No. G °
9 �-
Background
• Council Approved budget to complete plans
and specifications per approved design
• Identified as Strategic Objective at August 2
Strategic Planning Retreat to provide
updated cost estimates and financing
options at December 16, 2013 Study Session
• Council approved contract with design
consultants to complete plans and
specifications — July 1, 2013
Current Status
• Entitlement Approval Complete
Conditional Use Permit No. 07-039 (R)
SEIR No,, 07-002
General Plan Amendment No. 11-004
Completion of Construction Documents in process
Constructability Review
Construction Cost Estimate Updated
Key Issues
• Finalize Construction Documents and Cost
Estimates
• Legal Challenges
Next court date is scheduled for February 2014
City Attorney does not anticipate resolution
before Fall of 2014
• Determine Funding Options
Cost Estimates to Date :
Soft costs
■ Additional A&E; Testing/Inspection $50000
■ Construction Management $65000
Sub-Total: $1,1509000
Direct Costs
■ Building & On-Site Construction $ 1690009000
■ Off-Site Construction $70000
■ FF&E $50000
Sub-Total: $17,200,000
■ Contingencies $2,800,000
Project Total $21,150,000
Project Schedule*
➢ Completion of March 10, 2014
Construction Documents
➢ Public Works Commision April 16, 2014
Review
➢ Bid Period April 21 — June 13, 2014
➢ Bid Opening/Review & June 16 — July 11, 2014
Contract Preparation
➢ Council Award of August 4, 2014
Construction Contract
➢ Construction Period August 2014 — Feb. 2016
*Based upon secured funding source
Senior Center Financing Options
• Construction costs are currently estimated at
approximately $21 .5 million
• The Fiscal Year 2013/14 Adopted Budget
included an appropriation of $1 .5 million in
the Infrastructure Fund for initial start-up
funding
• Additional funding sources need to be
identified to address the remaining funding
gap of $19.5 million
Potential Bond Issue
• Debt financing paid from the General Fund can be
a viable option for all or a portion of total costs
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
For example, fora $15 million bond, annual debt
service payments would equal approximately $1.2
million
However, $4.5 million in funding would still need to
be identified
8
Other Potential Sources of Funding
• To address the remaining $4.5 million
funding gap, the following funding sources
may be an option:
Capital Improvement Reserve ($5.9 million
current unencumbered balance)
Park Acquisition and Development Fund
Senior Center Capital Campaign Initiative
Fiscal Year 2012/13 General Fund Year-End
Balances
9
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
Existing30-Year Debt Service Schedule
City of Huntington Beach
General Fund Supported Annual Debt Service
➢New debt service of
$1.2 million/yr.
$6,000 Senior Cente .�- �.".- ➢ Could be funded from
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2011 Series ACapital Projects
$5,000 Reserve
2010 Series A
�Iw�sy in Series 2004
$4,000 w ------... --.._ - _-........._ _
➢Judgment Bonds paid
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$3,OOQ off in 2017
➢2011 Lease Bone s
reduced debt se vice
2 00Q
- in 2017
a i." iII n ➢ Creates fundin
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11
Huntington Beach
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Sensor Center in Central Park
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