Title
Reallocation of Capital Improvement Revenue Bonds (CIRB), Series 2005 Proceeds and Interest Earnings (B)
This item recommends projects for reallocation of Capital Improvement Revenue Bonds, Series 2005 proceeds and interest earnings.
Explanation
The Capital Improvement Plan Coordinating Committee (the Committee) met in February 2008 to review the financial status of projects funded through the Capital Improvement Revenue Bonds (CIRB), Series 2005 and to make a recommendation on the reallocation of CIRB proceeds and interest. Project managers supplied the Committee with information on which projects had been completed as well as updated cost estimates on those projects still in process. Based on this information attached, we are projecting that $1,452,300 can be reallocated to other projects.
Interest earned to date on CIRB proceeds totals $2,203,907. After adjusting for the $200,000 in interest earnings appropriated last year by the City Commission to address unanticipated costs related to Northeast Pool improvements and setting aside $300,000 for potential arbitrage rebate liability, another $1,703,907 was deemed available for reallocation, bringing the total pool of dollars available for reallocation to $3,156,207.
In considering potential projects to which to allocate funds, the Committee gave priority to providing resources to current CIRB projects that were projected to require funds in excess of the initial allocation in order to complete the projects in a satisfactory manner. These projects, and the incremental funding required are:
Fire Station 8 $1,925,000
Depot Park 140,000
Possum Creek skate park 63,083
Westside Pool improvements 37,536
Nature Park improvements 37,209
Neighborhood Park improvements 8,449
The oth...
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