pages: CityCouncil/2015-03-03.pdf, 14
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CityCouncil | 2015-03-03 | 14 | Under discussion, Councilmember Daysog added [to the motion] the use of American Express credit cards. On the call for the question, the motion carried by unanimous voice vote - 5. (15-166) Recommendation to Adopt Plans and Specifications and Authorize a Call for Bids for Fire Station No. 3, No. P.W. 12-14-18. The Public Works Director gave a brief presentation In response to Councilmember Daysog's inquiry regarding the debt service calculation, the Interim Finance Director stated the total debt service over 20 years is $6.9 million. Councilmember Daysog stated that he did not take into account the $50,000 annual savings. Councilmember Ezzy Ashcraft inquired what is the total cost of Fire Station 3. The Interim Finance Director responded the principal amount to construct the building is $5 million and proposed a 3% interest rate on internal funds, which is about $82,000 annually in debt service; a $3 million Ibank loan is yet to be determined but has a locked interest rate of 2.95% for a term of 18 to19 years, rather than 20; the total would be approximately $300,000 to $350,000 a year; a more accurate amount could be provided when details are finalized; Council approved a $3 million cap for the financing and identified unspent bond funds from the redevelopment agency; using the bond funds would relieve having to pay interest on internal loan funds, but unspent bond funds would have to be repaid. In response to Mayor Spencer's inquiry, the Interim Finance Director stated the $3 million cap is on the principal of the loan. Mayor Spencer inquired whether there are additional funds in the General Fund, to which the Interim Finance Director responded she does not know yet; stated the budget has to be worked out. Urged approval: Neil Fullagar, Alameda and Community Emergency Response Team (CERT) Member. Expressed support for the project; stated there are cost savings from not having to rent the building next to the existing Fire Station 3: Jerry Juhala, CERT, Alameda. Vice Mayor Matarrese stated the existing fire station is inadequate; the proposal makes sense and cannot be delayed; that he supports the project. Regular Meeting Alameda City Council March 3, 2015 | CityCouncil/2015-03-03.pdf |