Laserfiche WebLink
The total cost to the City for all aspects of the project as shown above is projected to be <br />$35,321,500 and includes (1) golf course and related facilities at $20,032,939, (2) open <br />space/parkland and trails at $5,801,000 and (3) infrastructure (water, sewer, roads) at <br />$9,487,561. <br /> <br />A fourth component includes the cost of infrastructure related to the development of 24 of the 34 <br />lots and grading of the TTK Partnership property. These costs are the responsibility of the <br />residential lot developers, even though the City (as the developer of its project) fronted the cost. <br />These costs, totaling $5,473,000, will be repaid as the lots are sold or, in the case of TTK, when <br />the final map is approved. <br /> <br />Funding sources for the project include: <br /> <br />General fund loans authorized by City Council <br />Interest on loaned funds and COP proceeds <br />Certificates of Participation(COP issued April 2003) <br />Reimbursement to City by residential lot developers <br />New Cities and Black Mountain Dev. Contributions <br /> <br />$ 9,631,000 <br />1,844,802 <br />22,500,000 <br />5,473,000 <br />127,000 <br />$ 39.575.802 <br /> <br />Funding Requirements <br /> <br />Of the $1,844,802 in interest earnings noted above in the funding sources, Council has <br />authorized expending $861,000. Staff is now requesting authorization to expend the additional <br />$983,802, plus any additional accrued interest until the project completion. With the <br />appropriation of interest earnings, there remains approximately $1.2 million in funding <br />necessary to complete the project. Staff is recommending the Council authorize a transfer of <br />$1,218,698 from the Miscellaneous Reserve for previously funded Capital Improvement <br />Projects to the Golf Course construction fund to complete the funding requirements. <br /> <br />In addition, a temporary cash flow shortfall could arise in 2005 as the $5,473,000 in developer <br />reimbursement noted on the preceding chart is dependent on the first 24 lots being sold <br />(approximately $208,000 is due to the City at the close of escrow for each of the first 24 lots <br />sold, plus $495,000 from the TTK Partnership for grading). As of early March 2005, only two <br />lots have sold, but it has been reported to us by the project developers that 14 lot sales are in <br />escrow. A sales office has been established on the site and the residential lot developers have <br />begun aggressively marketing the project. <br /> <br />Staff therefore is requesting authorization to temporarily borrow funds from the Water Fund, if <br />necessary, to bridge a possible lag as to the City's receipt of the developer reimbursements. <br /> <br />SR:05:068 <br />Page 6 <br /> <br /> <br />