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PrODosed New Projects <br /> <br />Estimated <br /> Cost of <br /> Proiect <br /> <br /> Five-Year <br />Debt Service <br /> <br />Expansion to City Police Department <br />Building (Annual payments of approxi- <br />mately $90,000 to begin in FY 1991/92) <br /> <br />$ 900,000 $ 360,000 <br /> <br />City Senior Center (Annual payments of <br />approximately $450,000 to begin <br />FY 1991/92) <br /> <br />$ 4,500,000 <br /> <br />1,800,000 <br /> <br />City Gymnasium at new Junior High <br />School located at Bernal and Case <br />Avenues (Annual payments of approxi- <br />mately $280,000 to begin in FY 1991/92) <br /> <br />2,800,000 <br /> <br />1,120,000 <br /> <br />City Gymnasium at Harvest Park School <br />(Annual payments of approximately <br />$230,000 to begin FY 1991/92) <br /> <br />2,300,000 920,000 <br /> <br />New Fire Station #4 and Related Equipment <br />(Annual payments of approximately $100,000 <br />to begin in FY 1992/93) <br /> <br />1,000,000 300,000 <br /> <br />Total Proposed New Projects: <br /> <br />~llf500r000 $ 4,500,000 <br /> <br />The addition of these new projects will bring the total amount <br />of long term lease payments over the five year program to <br />$15,139,485 which is equal to 44% of the total five year <br />program expenditures of $34,826,660. In addition, short-term <br />lease payments of $1,100,000 are proposed for a new City-wide <br />radio system. <br /> <br />This Five-Year Program assumes the Council will agree with the <br />concept of funding these projects with long-term debt; <br />therefore, the projects are shown as funded. If the Council <br />does not agree with this assumption, these projects will have <br />to be shown as unfunded since there are not sufficient funds to <br />pay for these on a cash basis. Staff intends to begin the debt <br />issuance process in December 1990 with the intent of selling <br />Certificates of Participation to pay for the new projects in <br />April 1991. <br /> <br />Downtown Street Improvements <br /> <br />In addition to the new proposed facilities, the program <br />includes $890,000 to cover sewer and storm drain replacement <br />and street repaving on Main Street in fiscal year 1991/92. The <br />funding needed to cover Main Street water main replacement is <br />not available at this time therefore this portion of the <br />project is listed as unfunded. As mentioned previously, <br />however, staff is considering adjustments to water rates/fees <br />which could potentially produce the revenue necessary to fund <br /> <br />5 <br /> <br /> <br />