03/18/1996 - Work Study - MinutesPort Orchard, Washington
March 18, 1996
Council of the City of Port Orchard, Washington, called to order for Study
Session by Mayor Weatherill at 7:30 PM at Fire Station No. 31, 200 Tremont
Street.
Council members present: Clauson, Wyatt, Morrison, Geiger, Powers, Van Zee and
Grable.
City Staff present: City Engineer Curl es, City Treasurer Miller, Fire Chief Snow
and City Clerk Parks.
City Engineer Curles reviewed purpose of meeting " Goal - How to finance City
Hall Construction in 1997". He outlined anticipated project cost of $4,264,600
which includes construction, landscaping, furniture, taxes, construction
administration, bond and financial advisor costs.
City Treasurer Kristine Miller identified on hand fund sources in amount of
$1,150,000 which could be used as a down payment for the new facility. This
would result in an amount of approximately $3.1 needed to finance construction.
She proposed other funding sources and reviewed financing options.
Council discussion included, but was not limited to, various aspects of the
proposed building, potential cost overruns, ways to reduce costs, evolution of
current building size and design and various financing methods.
Three financing options were formulated (1) seek bond issue for $3.1 from voters;
(2) seek co -share of financing via bond issue for 2 of the $3.1 from the voters
with the remaining .1-, to be funded from the city's operational budget; and (3)
fund the full $3.1 from the City's operational budget which would require
reduction/revision of services.
Council members requested the following: (1) Questionnaire be distributed to
citizens to obtain input on which funding option would be preferable to the
public; and (2) Finance Committee members obtain more information on benefits of
various financing methods.
Meeting adjourned at 9:55 PM.
PATRICIA PARKS, CITY CLERK
va',kA,
LESLIE J. WEATHERILL, MAYOR