Title
Recommendation on Whether to Issue Debt for Yelm Highway Community Park Phase I Construction and the Armory Arts Center Phase I Renovations
Recommended Action
Committee Recommendation:
Move to recommend issuing debt for Yelm Highway Community Park Phase I Construction and the Armory Arts Center Phase I Renovations.
City Manager Recommendation:
Move to approve a recommendation to issue debt for Yelm Highway Community Park Phase I Construction and the Armory Arts Center Phase I Renovations.
Report
Issue:
Whether to recommend the issuance of debt to fund the Yelm Highway Community Park Phase I Construction and the Armory Arts Center Phase I Renovations with increased costs of construction.
Staff Contact:
Sylvana Niehuser, Interim Director of Parks, Arts and Recreation Department, 360.753.8068
Presenter(s):
Sylvana Niehuser, Interim Director of Parks, Arts and Recreation
Background and Analysis:
On April 21, staff presented a debt package to Finance Committee that was for a debt package of $18-19 million to fund Phase I construction of Yelm Highway Community Park and the Phase I Renovations of the Armory Arts Center. In May, cost estimates were updated by the project consultants for the Armory and Yelm Highway and the costs have increased over $11M combined. Staff worked to reduce costs through a reduction in the scope of work and materials, which resulted in $4M in savings on the Yelm Highway Project. The combined cost of the projects is $45.7M. In order to fund these projects, staff are putting forward a new debt package proposal with bond proceeds estimated to be $25M.
Armory Arts Center
The City of Olympia is transforming the historic Armory building into a new community arts center. The vision for the Armory is to support the arts as integral to Olympia's way of life; encourage community growth through creativity and innovation; foster connection among people, ideas and places, while operating with a foundation in equity.
This project addresse...
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