HomeMy WebLinkAboutAgenda Report - February 18, 1998 E-09CITY OF I,ODI COUNCIL COMMUNICATION
AGENDA TITLE: Appropriate Additional Interest Earnings to Hutchins Street Square Conference and
Performing Arts Center Project
MEETING DATE: February 18, 1998
PREPARED BY: Public Works Director and Community Center Director
RECOMMENDED ACTION: That the City Council appropriate all the additional interest earned on the
$10 million Certificates of Participation (COP) to the Hutchins Street Square
Conference and Performing Arts Center Project.
BACKGROUND INFORMATION: The City Council, at it's November 6, 1996 meeting, awarded the
contract for the Hutchins Street Square Conference and Performing
Arts Center Project to F & H Construction, of Stockton, in the
amount of $8,262,010.
At the time of the award, the Council appropriated funding from the $10 million COP, issued
July 22, 1996, and anticipated construction fund interest earnings for a total project estimated need of
$10,050,000. This included construction contingency moneys of $948,100, or about 11.5%, and
assumed that interest earnings would be approximately $450,000.
The Finance Director and the City Manager have estimated that the total of both actual and anticipated
interest earnings available by the completion of the project will be approximately $910,000, about
$460,000 more than originally planned. The following outlines the approximate actual and estimated
interest through June 1998:
July 1996 - June 1997 $510,000
July 1997 - September 1997 210,000
October 1997 - December 1997 150,000
January 1998 - June 1998 (estimated) 50.000
Total Interest $910,000
At the time of the contract award, several portions of the project were deferred or left out to ensure that
adequate moneys were available. Now that the end of the work is within sight and moneys are
available, we need to move forward with those portions as quickly as possible. Our intent is to
accomplish most of these project additions as change orders utilizing F & H Construction and as many
subcontractors currently on the job as possible.
r
APPROVED:
%i. Dixon Flynn -- City Manager
CAPPRADDLINT.DOC i 02/10/88
Appropriate Additional Interest Earnings to Hutchins Street Square Conference and
Performing Arts Center Project
February 18, 1998
Page 2
PROJECT
ESTIMATES
Theatrical Lighting
$ 83,000
Drapes
42,000
Orchestra Shell
180,000
Data Wiring
10,000
Security Alarm
5,000
Signage - ADA
50,000
Landscaping
350,000
Amphitheater
200,000
Furniture
60,000
Staff Office Arts Retrofit
10,000
Fence - Activity Field
10.000
Total
$1,000,000
The Council was updated at the February 4th Council Meeting on the tremendous success of the project
to date. It is our intent to finish the project maintaining the same high standards for excellence.
FUNDING: From the $10 million COP, issued July 22, 1996, and anticipated construction fund interest
earnings, as approved by the Council on November 6, 1996.
Funding Available: 0 =. ems.., f�" Cl.�c��
/1 Finance Director
VCJN W _" W L. Ronsko Charlene Lange
Works Director Community Cente irector
Prepared by D-e1P—is J. Callahan, Fleet and Facilities Manager
JLR/DJC/lm
cc: City Attorney
City Engineer
Finance Director
Community Center Director
Fleet and Facilities Manager
Construction Manager
Wenell Mattheis Bowe
CAPPRADDLINT.DOC 02/10/98