City Council

2. Consideration and possible action to review the Finance Advisory Committee’s\n(FAC) and the Civic Center Advisory Committee’s (CCAC) recommendations\nregarding the Preliminary Conceptual Civic Center Campus Master Plan\nProject (Project). ( Waters) ( 90 mins)\nRecommendation: 1) Review the FAC's recommendations regarding\npotential Project funding options and provide direction on the following funding\noptions: a. $45.4 million as the maximum amount the City can afford to self-\nfinance consisting of: i. $18.6 million down payment (cash on hand) ii. $26.8\nmillion long term loan. If the City Council opts for a loan, FAC's statement is\nthat under the present market conditions, a loan of $26.8 million is the\nmaximum borrowable whose subsequent payments can be afforded while\nupholding the 50% reserve policy during the full term of the loan (baseline of\n30 years). This funding is also based on the assumption that the City is eligible\nto obtain such a loan. b. Other potential additional funding sources for the City\nCouncil's consideration for any amount above $45.4 million (in alphabetical\norder): i. Capital campaign - estimated at 30% of project costs and/or based\non feasibility study. ii. General Obligation Bond - (It could be used for all or\npart of the needed financing) iii. Grants - potentially for public safety, parking\niv. On-site revenues v. Public/private partnerships - Peninsula cities, private\ncompanies *To the extent that the proceeds of other potential additional\nsources exceed the target, such overage shall be used to reduce some or all\nof the loan or cash portions. 2) Review the CCAC's recommendations\nregarding the Project's preliminary conceptual site plan and potential\nconstruction phasing; and, 3) If deemed acceptable, direct Staff to return at a\nfuture meeting date with additional information to consider whether to proceed\nto Stage 2 of the Project including information regarding a design competition.\nAgenda Report