01-22-18 Personnel and Finance - Laserfiche WebLink

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Randy Rompola, Barnes &Thornburg with offices located at 100 N. Michigan Street, stated, The ordinance before you is simply a parameters ordinance. It has a `not-to-exceed' bond amount of $5.43 million with a maximum interest rate and a maximum term. The bonds would not be sold until the construction bids are received so that once the construction bids are received, the bonds will be resized accordingly so it will more likely be less than this not to exceed amount of$5.43 million. The bonds are set to be paid from local income taxes, EMS revenues and Rivereast TIF. There is, in the ordinance, what we refer to as general obligation bonds, and they are secured by the tax back-up. The point of that back-up is to receive the best interest rate possible. Councilmember Dr. David Varner asked, When you look at the cost per square foot, these stations are becoming very expensive. What is driving that and what is the approximate cost of that additional classroom? Chief Cox replied, First of all, when we had first estimated the cost of the building of Fire Station Number Five (5), that happened prior to the Notre Dame Stadium building project. Unfortunately, when we went out to bid for Fire Station Number Four(4),that was during the height of all the construction going on at Notre Dame. That affects the local construction companies to source labor so that ramped up the cost.Now with the classroom building, we are trying to build it a bit differently. It will be more along the lines of a pre-fabricated building. What we are trying to do is drive down the price of the square footage cost for that building. Additionally, since we have a couple of exterior restrooms in the building adjacent to where we are building that, we also don't have a need to put restroom utilities in the new building. So that, in and of itself, will also help bring down that cost. Depending on where that comes in after the bids are put out, we are hoping that is no more than $400,000 or $500,000. Councilmember Dr. Varner followed up, So what is the square footage of the new Fire Station? Chief Cox replied, That one (1) is at about 8,000 square feet. That includes the apparatus bay floor. Committee Chair White then opened the floor to members of the public wishing to speak in favor of or in opposition to the legislation. There were none. She then turned the floor back to the Council for further comment. Due to the lack of quorum, no Committee action could be taken and, as a result,Bill No. 02-18 was sent to the full Council receiving no recommendation. Bill No. 03-18-Appropriating of Bonds, Series 2018 Ms. Hockenhull stated, This is simply allowing us to take those aforementioned bond funds and then appropriate them to be spent. Committee Chair White then opened the floor to members of the public wishing to speak in favor of or in opposition to the legislation. There were none. She then turned the floor back to the Council for further comment. Due to the lack of quorum, no Committee action could be taken and, as a result,Bill No. 03-18 was sent to the full Council receiving no recommendation. 2