Agenda - 01-21-1999 - 1 - Laserfiche WebLink

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PROPOSED FINANCING 8~c BUDGET INFORMATION For the Fairview "Community Policing Center" Revenues for "Fairview Center" Projec FY99 Budgeted Operating Revenues for Project 37,500 FY00 Proceeds from Lease-Purchase Agreement .152,000 $189,500 _FXpenditures for "Fairview enter" Project,~estimatPl Design & Plans, Administration of Bidding, Construction & Inspections 7,500 Building Construction 152,000 Furnishings (e.g., office furniture, tables & chairs, whiteboard, refrigerator, etc.) 15,000 Contingency 15,000 $189,500 Budget~y Notes Regarding Proj ce .t~. Almost all of the construction costs for the building will be financed by a ten year lease purchase agreement for $152, 000 -the estimated total construction cost is also $1 S2, 000. For forecasting purposes a five (S.0) percent interest rate was calculated. Construction estimates for commercial buildings average between $70-80 per square foot, the estimate for this project is conservatively based on the higher end of the scale at $80 per square foot. The construction of this project is also predicated on the donation of the necessary land at Fairview Park by Orange County. The $37,500 of operating revenues budgeted for FY99 will be used to cover most of the cash requirements for this project. Funds not used for these items by the end of FY99 (by June 30, 1999) will be encumbered and carried over to FY00 to cover those expenses. The $37,500 of expenses will be used to fund the following portions of the Center project: • $ 7,500 -Design & Plans, Administration of Bidding, Construction & Inspections • $15,000 -Furnishings • $15,000 -Contingency Debt Payment on a 10-year Lease-Purchase $19,500 Maintenance & Repair 1,500 Utilities 2,500 Insurance 300 Miscellaneous 2,000 $25,800 * These estimates do t~ include costs for program operations or Community Policing Costs.