pages: CityCouncil/2013-07-23.pdf, 22
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CityCouncil | 2013-07-23 | 22 | Councilmember Daysog stated the Fire Department held community meetings about the different Emergency Operations Center (EOC) possibilities; inquired what the cost would be and whether $3 million would cover costs. The City Manager responded the EOC would cost around $2.8 million; the City owns the land, which is adjacent to Fire Station 3. Councilmember Daysog inquired how much a new Fire Station [3] would cost, to which the City Manager responded the most recent estimate is $6.5 to $7 million; stated staff is working on reducing the figure. Councilmember Daysog inquired whether there is a specific revenue source, to which the City Manager responded in the negative; stated having the site prepared when the EOC is done would help the project; the City would achieve some economies of scale. Vice Mayor Ezzy Ashcraft stated the approach is sensible; the EOC price tag sounds good; the library bond estimate was $15 per $100,000 of assessed value; the rate dropped significantly by the time the City went out to market; people pay $8.50 per $100,000 instead; refinancing provides a savings; a lower tax bill would be appreciated in the current economy. Vice Mayor Ezzy Ashcraft moved approval of providing direction on the two issues [refunding the 2002 City Hall Project Certificates of Participation and 2003 General Obligation Bonds]. Mayor Gilmore inquired whether the motion includes the $3 million cash out. Vice Mayor Ezzy Ashcraft responded in the affirmative; stated $3 million would be cashed out to cover the cost of the EOC and the tax payers would still receive a little break, which does not happen often. Councilmember Chen inquired whether the two [2002 Certificates of Participation and 2003 General Obligation Bonds] represent the only outstanding debt, to which the Finance Director responded in the negative. Councilmember Chen inquired why the same is not being done for other bonds, to which Councilmember Tam responded the City has already done so. The Finance Director stated a financial advisor reviewed all of the bonds; most of the other bonds are from the Community Improvement Commission; redoing said bonds is not feasible right now. Mayor Gilmore noted the City does not have a lot of debt. Councilmember Chen seconded the motion, which carried by unanimous voice vote - 5. Regular Meeting Alameda City Council 21 July 23, 2013 | CityCouncil/2013-07-23.pdf |