HomeMy WebLinkAboutMINUTES Stanley Park Committee 1987-03-04BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Special Stanley Park Committee
March 4, 1987
Committee: Chairman Hix, Trustees Dickinson and
Habecker
Attending:
Also Attending:
All
Trustee Barker, Town Administrator Hill,
Business Manager Scott, Public Works
Director Widmer, Finance Officer Vavra,
President Dill, Vice President Russell,
Roger Thorp/Thorp Associates, Linda
Clark and Jim Kelly/Boettcher & Company,
Clerk O'Connor
Absent: None
THORP ASSOCIATES - PRESENTATION OF PLAN AND PRELIMINARY COST
ESTIMATE FOR INDOOR ARENA:
Roger Thorp presented a conceptual plan and preliminary cost
estimate for the indoor arena. Mr. Thorp reviewed the cost
estimate which indicated the estimated price of construction to
be $2,874,657 including labor. Individual costs were estimated
for the arena, exhibition hall and site work. Mr. Thorp advised
a savings of approximately $50,000 could be realized by locating
the exhibition hall at the end of the arena rather than the side
which would make the layout more economical; site work which is
presently estimated to be $182,000, which includes paving and
landscaping, could be modified; and the skylighting could be
altered. Director Widmer confirmed the site work area would
result in the largest dollar savings. Discussion followed
concerning a fire sprinkler system, the possibility of construct-
ing the exhibition hall at a later date, contingency (the report
contains 5%, perhaps the percentage should be raised to 10-15%),
furnishings (whether they should be purchased or rented), the
possibility of local organizations sponsoring money -making events
to aid in the purchase of various equipment, extent of the
electrical work (the electrical fee included in the report does
not include any fees due the Light and Power Department for any
service work which may be required), and the Town's bonding
capacity.
Vice President Russell reported the Horse Show and Rodeo Commit-
tee are in the process of revising the pro -forma budget to
include the exhibition hall.
Linda Clark/Boettcher & Company provided information concerning a
bond issue. A proposed bond schedule was presented which in-
dicated the bond issue could take approximately three months to
complete from the day of election to closing of the bonds. The
Town Board would adopt a resolution establishing the date of
election and setting the ballot question. Such action could be
taken in two (2) separate resolutions at separate Town Board
meetings; however, adopting one resolution which includes both
actions is a preferred method of a bond election. The annual
debt service for a general obligation bond to net a 2.9 Million
Dollar construction fund would be approximately $272-285,000.
The first interest -only payment would be due in December, 1987; a
principal and interest payment would be due in June, 1988; and
interest -only payment would be due in December, 1988. Discussion
included investing the construction funds, interest rates, types
of bonds (general obligation and sales tax revenue), restrictions
in use of the arena if general obligation bonds are issued, and
tax increment allocated to EPURA. Ms. Clark recommended the Town
consider general obligation bonds in lieu of sales tax revenue
bonds as they are the least expensive and complicated to issue.
BRADFORD PUBLISHING CO.
RECORD OF PROCEEDINGS
Special Stanley Park Committee - March 4, 1987 - Page two
Those residents allowed to vote in the election will be
registered electors residing inside Town Limits.
The Committee recommends:
1. An election be held June 2, 1987.
2. The type of bond to be issued shall be "general
obligation bonds."
3. Boettcher & Company prepare and submit a bond schedule.
4. The Board of Trustees adopt a resolution establishing
the election date of June 2, 1987 and setting the
ballot question on April 28, 1987.
5. The Horse Show and Rodeo Committee prepare and submit a
list of questions concerning the implications of tax
exempt bond financing on the Stanley Park fee structure
to Boettcher & Company for their response.
6. The Horse Show and Rodeo Committee prepare and submit a
revised pro -forma budget to the Board of Trustees for
their consideration. The Trustees will schedule a
meeting to determine actual budget figures to be used
and advise Thorp and Associates.
There being no further business, the meeting adjourned.
Vickie O'Connor, Town Clerk