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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 ...,.c...,,,n0 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