5.0 EDSR 12-14-2009--+/i
aty ar
El -~-~
River
REQUEST FOR ACTION
To Item Number
Economic Develo ment Authori 5
Agenda Section Meeting Date Prepared by
Administration December 14, 2009 Tun Simon, Finance Director
Item Description Reviewed by
Final pay estimate -YMCA project
Reviewed by
Action Requested
'The Economic Development Authority (EDA) is asked to approve the pay estimate as stated below.
Bac kground/Discussion
Below is the final pay estimate submitted for approval for the YMCA project. The pay estimate has been
reviewed and approved by RJM construction, architect (BWBR) or department head in charge of the
project.
Based on available data from the Lasalle group & YMCA, the total cost of the project is $12,939,076
compared to the estimated project budget of $13,357,479.
1~or taxes payable 2010, you may recall that aone-time adjustment was made to decrease the levy based
on the credit on the construction contract. Based on a market value rate of .00763% the following
property values would expect to contribute to the debt service in 2010 as follows.
Market Value 150,000 200,000 250,000 300,000
Est. amount $11.45 $15.26 $19.08 $22.89
Due to the structure of the bond sale the EDA maintains a project fund and debt service fund for the
recreation facility project. The construction payments will be approved by the EDA and the City
Council.
Financial Impact
Pay Est.
Project No. Contractor
YMCA project* Final RJM Construction
* Will be reviewed by the City Council on December 21, 2009.
Attachments
• Pay estimate for the above project
Amount
$3,358
S:\Council\Tim\2009\EDAPayestimateYMCA#21.doc
Action Motion by Second by Vote
Follow Up
S:\Council\Tim\2009\I~DAPaycstimateYMCA#21.doc
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