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As to the reorientation of the driving range, staffrecommends that not be pursued because of the <br />expense. In order to reorient the range, the City would need to acquire an easement or fee title <br />on substantial acreage of the GE property. In addition, because of the existence of a small <br />stream on this portion of the GE property, the City would need to amend our various permits <br />from the state agencies, which amendments will likely involve the payment of additional <br />mitigation fees. <br /> <br />Given the unknown cost to acquire the GE property, the unknown cost to amend the permits, <br />and the budget amendments that staff is already recommending, staff believes that the range <br />should stay in the location where it is. In order to know better what the cost for the GE property <br />would be, the golf course architect would need to redesign the driving range and determine how <br />much of the GE property would be needed. The cost of this redesign will be between five and <br />ten thousand dollars. For the reasons expressed above, staff does not recommend that the City <br />spend this money for that purpose. <br /> <br />FISCAL IMPACT <br /> <br />As the construction of the golf course and open space project nears completion and the grow-in <br />phase begins, the cost of the project is better defined. The project cost for the City is projected to <br />be $35,321,500. The cost for the residential property developers is projected to be $5,473,000. <br />This represents a $2,284,500 increase in the total project since staff last reported in September <br />2004. In order to complete the project, staff is recommending appropriation of $983,802 in <br />accrued interest in the golf course construction fund, and appropriation of $1,218,698 from the <br />CIP reserves. In addition, staff is requesting authorization to secure a temporary loan (if <br />necessary) from the Water Fund of up to $5 million until such time as the golf course lot <br />developers reimburse the City for work performed to benefit the residential lots. <br /> <br />Respectfully Submitted, <br /> <br />Rob Wilson <br />Director of Public Works <br /> <br />Susan Rossi Michael Roush Nelson Fialho <br />Director of Finance City Attorney City Manager <br /> <br />Attachments <br />Exhibit A <br />Exhibit B <br /> <br />SR:05:068 <br />Page 10 <br /> <br /> <br />