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CITY ADMINISTRATIVEOFFICE BUILDINGFEBRUARY23, 2016

SERVINGTHECOMMUNITYINTOTH

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WHERE WE HAVE BEEN

CITY ADMINISTRATIVE OFFICE BUILDING

2007 & 2012 Space Needs Studies

April 2015 Presented project to Council

September 2015 Council Informational project upd

October 2015 Council approved Koch Hazard con

November 2015 Council approved Henry Carlson c

December 2015 Council approved Financial advisoBond counsel services contract

February 2016 Present design and budget to cou

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PROJECT GOALS

CITY ADMINISTRATIVE OFFICE BUILDING

Prepare for growth Improve service to residents

Maximize the taxpayer dollar

Strengthen departmental collaboration

Improve employee work environment

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STAYING AHEAD OF GROW

CITY ADMINISTRATIVE OFFICE BUILDING

169,800

185,100

201,800

217,000

233,200

250,600

1,206 1,314

1,4331,541

1,6561,779

0

20

40

60

80

10

12

14

16

18

20

0

50,000

100,000

150,000

200,000

250,000

300,000

2015 2020 2025 2030 2035 2040

SF Population Employees (based on 71/10,000 pop.)

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DAKOTA AVENUE CORRIDO

CITY ADMINISTRATIVE OFFICE BUILDING

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SITE FEATURES

CITY ADMINISTRATIVE OFFICE BUILDING

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BUILDING FEATURES

CITY ADMINISTRATIVE OFFICE BUILDING

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FLOOR PLAN- BASEMENT

CITY ADMINISTRATIVE OFFICE BUILDING

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FLOOR PLAN- FIRST

CITY ADMINISTRATIVE OFFICE BUILDING

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FLOOR PLAN- SECOND

CITY ADMINISTRATIVE OFFICE BUILDING

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BUILDING FEATURES

CITY ADMINISTRATIVE OFFICE BUILDING

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BUILDING IT RIGHT

CITY ADMINISTRATIVE OFFICE BUILDING

Room for growth

Expandable Flexible

Enduring quality

Energy Efficient

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THE TIME IS RIGHT

CITY ADMINISTRATIVE OFFICE BUILDING

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PROJECT BUDGET

CITY ADMINISTRATIVE OFFICE BUILDING

$21.9 MillionTotal project budget includes:

Final design Building construction

Van Eps Park improvements

On-street parking improvements

Dakota Avenue Corridor Signage Furniture, fixtures and equipment

Legal, administration

Contingency

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PROJECT FUNDING

CITY ADMINISTRATIVE OFFICE BUILDING

Sales tax bonds Sold by competitive bids Tax-exempt rates Maximum 20-year term Repaid by 2ndpenny sales tax revenu

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PROJECT FUNDING

CITY ADMINISTRATIVE OFFICE BUILDING

Use of bond proceeds $21.9 Million to fund project budget Debt service reserve fund Cost of issuance Capitalized interest

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PER CAPITA DEBT

CITY ADMINISTRATIVE OFFICE BUILDING

Fargo, ND $4,638

Lincoln, NE $4,530

Sioux City, IA $3,178

Omaha, NE $2,978

Des Moines, IA $2,880

Topeka, KS $2,774

Rochester, MN $2,733

Sioux Falls, SD(with new bonds) $2,382

Sioux Falls, SD $2,258

Rapid City, SD $2,037

Source: PFM (November 2015)

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$-

$10

$20

$30

$40

$50

$60

$70

Millions

2

ND

PENNY SALES TAX:

REVENUE HISTORY

CITY ADMINISTRATIVE OFFICE BUILDING

Average annual increase o

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2

ND

PENNY SALES TAX: FU

CITY ADMINISTRATIVE OFFICE BUILDING

$-$10$20$30

$40$50$60$70$80$90

$100$110

$120$130

Millions

Assumes 3% Annual Growth in R

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2

ND

PENNY SALES TAX:

DEBT SERVICE COVERAGE

CITY ADMINISTRATIVE OFFICE BUILDING

$-$10$20$30$40

$50$60$70$80$90

$100$110$120

$130

Millions

Assumes 3% Annual Growth

Available for Other Capital

Existing Debt Payments

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2

ND

PENNY SALES TAX:

DEBT SERVICE COVERAGE WIT

ADMINISTRATION BUILDING BO

CITY ADMINISTRATIVE OFFICE BUILDING

$-$10$20$30$40

$50$60$70$80$90

$100$110$120

$130

M

illions

Assumes 3% Annual Growth iAvailable for Other CapitalNew Bond Payments

Existing Debt Payments

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NEXT STEPS

CITY ADMINISTRATIVE OFFICE BUILDING

Seek Council authorization to proceed with project:

Bond ordinance 1streading March 1st 2ndreading & adoption March 8th

If approved:

Initiate next phase of Architect and CMAR contracts Bond sale process

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THANK YOU

QUESTIONS?

CITY ADMINSTRATIVE OFFICE BU