Title:
Update on Financing the Washington Center for the Performing Arts (WCPA) Siding, Roof, and Mechanical Equipment Repairs
Issue:
The cost to repair the Washington Center for the Performing Arts siding, roof, and mechanical equipment exceeds the funding available in the Building Repair and Replacement Fund 029.
Committee Recommendation:
None.
City Manager's Recommendation:
Recommendation to fund the project through Department of Commerce grant if awarded, Building Repair and Replacements Funds, and General Obligations Bonds.
Staff Contact:
Debbie Sullivan, Director of Technical Services, Public Works Department, 360.753.8494
Background and Analysis:
In October 2011, City Council directed staff to begin design of the Washington Center for the Performing Arts (WCPA) siding replacement project. Recognizing a funding shortfall in the Building Repair Fund, City Council requested that the Finance Committee explore financing options.
Early on in this project, staff reconsidered the schedule for replacing the deteriorated roof and roof-top mechanical units. There were several advantages to doing the work at the same time as the siding repair (see below).
1. Reduces the overall cost of the three projects
2. Less disruption to the Downtown area
3. Less risk of leakage into the building because of the essential connection between the roof and the siding
The architect's estimate to do this additional work is $700,000. The Finance Committee and City Council supported staff's recommendation to add the needed roof and HVAC repairs into the overall project. The resulting total funding need is estimated between $4,200,000 and $4,350,000.
Staff researched funding options for the repairs over the past several months. At this time, there are three sources of funds - Building Repair and Replacement Fund 029, a potential grant from the Department of Commerce, and financing through General Obligation Bonds. Staff pursued a Public Works Trus...
Click here for full text