pages: CityCouncil/2006-06-07.pdf, 7
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CityCouncil | 2006-06-07 | 7 | not be estimated until the design plans were developed; previous estimates did not include land acquisition or architectural engineering; outlined the project phases; stated project costs are unknown until bid documents are prepared. Commissioner Gilmore stated the handout from Commissioner deHaan outlining budgets shows the large increase has been for the historic theater, which is the most complex part of the project filled with the most unknowns the other two pieces are new construction. Commissioner deHaan stated another option would be to decrease the theater project to a single floor and take two floors off the parking structure; the cost would decrease from $33.7 million down to $28.8 million. The Development Services Director noted disabled access would have to be added to the historic theater. Commissioner deHaan stated Option 5 could be considered, with caveats, such as satellite parking areas and using the entire Video Maniacs site for the cineplex and retail. The Development Services Director stated most cost overruns are with the historic theater; noted satellite parking would involve dealing with land acquisition again. Commissioner Matarrese stated that he appreciates the information from Commissioner deHaan and speakers; there seems to be support to tone down the parking garage and cineplex in favor of funding the renovation of the historic theater; $11 million is not the best bid; the bid should be rejected and the City should negotiate a lower price; he would entertain the idea of a better price being obtained through modification of the other two components [garage and cineplex] 60 days would give staff an opportunity to review; a different project would probably result with Option 1. Commissioner Daysog stated there seems to be a cafeteria approach to the project bonds have been issued on the entire project; $17 million was identified for the project with $9 million slated for rehabilitation of the historic theater; $17 million was part of the $42 million bond total; the total bond will cost $100 million with interest ; his question is how the project ties into the total bond issuance; he is not convinced that a cafeteria approach will work; most of the cost overruns are with the historic theater if the historic theater is not going to be rehabilitated, there is no reason to do the garage and Cineplex if the historic theater is not going to be rehabilitated however, bonds have already been issued; Special Meeting Community Improvement Commission 7 June 7, 2006 | CityCouncil/2006-06-07.pdf |