HomeMy WebLinkAbout93-092RESOLUTION NO. 93-92
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PORT TOWNSEND DECLARING ITS INTENT TO ISSUE
TAX-EXEMPT BONDS TO FINANCE THE CAPITAL
PROJECT WORK IDENTIFIED AS PRIORITY ONE
WATERFRONT PROJECT
WHEREAS,
The city Council has authorized the expenditure of
$180,000 for work relating to the reconstruction of City
Dock; and
WHEREAS,
Additional work is deemed high priority to complete the
project and reduce liability exposure and insure safe
waterfront areas; and
WHEREAS, The completion of high priority improvements will require
additional funds; and
WHEREAS,
The City Council desires to finance said improvements
through a Councilmanic bond and declares its intent to
reimburse its expenditures with the proceeds of the tax
exempt bonds for $217,226; now, therefore,
BE IT RESOLVED, by the City Council of the City of Port Townsend as
follows:
The City reasonably expects to reimburse a portion of the
improvements described in the annexed document marked "Exhibit A"
attached hereto as though fully setforth herein. The maximum
principal amount of the Reimbursement Bonds expected to be issued
is $217,226. The expenditures with respect to which the City
reasonably expects to be reimbursed from the proceeds of
Reimbursement Bonds will be made from the 1993 G O Bond Projects
Fund. This declaration of official intention is made pursuant to
Section 1.103-18 of the Income Tax Regulations promulgated by the
U. S. Department of Treasury.
ADOPTED this 19th day o~~y11~3
proved as to form:
Attest:
City Clerk
city Att0r~{ey
BEST ESTIMATE FOR
FUNDS SPENT
CITY DOCK/POPE MARINE
PARKING LOT
TANK REMOVAL
WATER/SEWER
DECKING
S U BTOTA L
TERFRONT PROJECTS
EXPENSES INCOME
$403,326
$11,000
$10,000
$7,000
$7,200
$438,526
BONDING
,,un-93
TOTALS
p /'Cz
FUNDS TO BE SPENT
PRIORITY ONE PROJECTS
AMERICAN CONST CLAIM
SUBTOTAL
TOTAL
$100,000
$6,OOO
$106,000
$544,526
$544,526
CURRENT FUNDING
HUD GRANT
DOE GRANT
lAC GRANT
TOTAL
FUNDING STILL NEEDED
$25,000
$20,000
$213,000
S258,000
$258,000
$286,526
PROPOSED CITY FUNDING
ARTERIAL STREETS
WATER (TANK REMOVAL)
WATER/SEWER
TOTAL
NET FUND~G STILL NEEDED
PROPOSED FUNDING
PROPOSAL HOTEL/MOTEL TAX
A 50% $33,150
B 67%
C 100% $66,300
IF UNION WHARF DECK IS INCLUDED, ADD
PROPOSAL HOTEL/MOTEL TAX
A 50% $33,350
B 67% $44,421
C 100% $66,300
$11,000
$10,000
$7,000
$28,000
COUNCILMANIC BOND
$225,376
$258,526
$192,226
$25,000
COUNCILMANIC BOND
$250~76
$239,105
$217,226
$28,000
$258,526
TOTAL
$258,526
$258,526
$258,526
: TOTAL
Pt. Townsend Public Works Dept C:\BIN\CITYDOCl .WB1
RECOMMENDED WATERFRONT PROJECT PRIORITIES Jun-931
PRIORITY
1
1
1
1
2
3
3
3
1
CITY Guide Pile Installation
Ramp Railing
Dock Inspection Program
· Signage and Guidelines
Fire System Prote~ion
Dolphin Pile Prote~ion
PRIORITY 3
$6,000
$2,000
$200
1
3
2
TIDAL PARK
1. Wave Viewing Gallery
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Install Lighting System
Adjust Wind Harp
2. Tidal Clock
Remove Remaining Rocks
Seal Tide Pools
Cut Down Concrete Wall
Install Ri pRap Protection
3. Landscaping/Access Enh.
Add RipRap
Decking & Steps
$11,000
$5,000
$500
$1,000
$5,800
$5,200
$150
FARMERS MARKET PARKING LOT
Gravel and Grade Lot
Pave per Carson Plan
$17,000
1
3
POPE MARINE BUILDING
1. Complete Design Plans
2. Phase I
Replace roof, gutters
and broken windows
Install slab, heating sys,
bathrooms, lights &
elec & doors
3. Phase II
Insulate exterior walls,
install new siding and
windows, and paint
exterior
TOTAL
$25,000 $25,000
$24,000
$23,300 $54,550
1 UNION WHARF