City Council

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