Agenda - 10-03-2006-9b - Laserfiche WebLink

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Staff has worked with CRZ to develop cost estimates requested by the Board -Attachment 2 of this agenda abstract contains the information. For purposes of the analysis, CRZ assumed that Phase 1 .of the Soccer Center would take place in 2007 with Phase 2 taking place in 2012. As outlined, Phase 1 would include two soccer fields with irrigation, fencing,. gravel drive and parking, restrooms, and conduits for lights. Phase 2 would complete the Soccer Center with three additional full size soccer fields 'and a smaller soccer/multi-purpose field along with the perimeter lighted walking track, lights for each of the fields, additions to the restroom facility to include a concession stand, office, equipment storage area and team room, shade shelters, water fountains, perimeter fencing, landscaping and paving of parking areas. When compared to the estimated cost of developing the project in one phase, the estimated cost of phasing in the project increases $531,000 to $688,000 bringing the projected project cost to between $3,031,000 and $3,688,000. FINANCIAL IMPACT: It is important to note that staff is exploring funding opportunities such as community partners and grants that potentially would offset some of~the costs of developing the Soccer Center. Nothing definitive is known at present; however, a potential partner while not having stated a particular donation amount, is awaiting BOCC discussion, and would perhaps be willing to participate in a loan arrangement with the County if necessary. Pending. BOCC deliberation and direction, staff's assumption at this point in project development is that the County remains the sole financial sponsor. Should the Board choose to complete the ,Soccer Center in one phase, beginning this fiscal year, at a projected cost of $2.5 to $3 million, the County would need an additional $1,767,000 to $2,267,000. Based on information presented at the September 14, 2006 work session, the County could debt finance the project through the County's anticipated alternative financing issuance in May 2007 without surpassing the 15 percent debt capacity limitation outlined in the Board approved Debt Management Policy. On. the other hand, should the Board elect to develop the Soccer Center in more than one phase, analysis indicates that the project would cost between $531,000 and $688,000 more than developing the project in one phase. Funding options would include future debt financing more than likely in fiscal year 2010-11 to ensure development of Phase 2 in 2012 or use of the County's pay-as-you-go Capital funding. Examples of future debt funding options include voter approved bonds and alternative financing. RECOMMENDATION (S): The Manager recommends that the Board consider the information provided and direct staff as it desires.