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Funding for design development, land acquisition, and off-site Improvements has been provided by the <br /> Asset Seizure Fund ($1.5 million), the Capital Outlay Fund ($3.0 million), and a loan from the Workers' <br /> Compensation Fund ($5.1 million). The City does not anticipate reimbursing any of these funds from bond <br /> proceeds other than the Workers' Compensation Fund. The value of the Site is $3.62 million. The City does <br /> not intend to reimburse itself from bond proceeds for the value of the Site. <br /> It is estimated that the costs of the Project will be as follows: <br /> Construction $87,806,000 <br /> Furniture, Fixtures <br /> and Equipment 6,100,000 <br /> Design and Engineering 4,712,000 <br /> Land and other <br /> City Contributions 8,520,000 <br /> Total $107,138,000 <br /> Status of Environmental Approvals <br /> The Project has been approved by the City of Santa Ana following a planning review. A mitigated <br /> negative declaration (the "MND") was prepared by the City in compliance with the California Environmental <br /> Quality Act ("CEQA"). The MND was certified by the City Council on July 18, 1991. The time for <br /> challenging the MND has passed. <br /> Status of Bids and Estimated Start and Completion Dates <br /> Construction bids were received by the City on January 27, 1994. The winning bid was awarded at the <br /> February 22, 1994 City Council meeting to Perini Building Company, Inc. <br /> Construction of the.Project is anticipated by the City to begin March, 1994 and is anticipated to be <br /> completed in March, 1996. The City currently expects to occupy the Project in March, 1996. <br /> The Leased Property <br /> The Leased Property includes 38 parcels of land currently owned by the City, including the Site on <br /> which the Project will be constructed, as described below. According to an appraisal by Parkcenter Realty <br /> Advisors dated January 3, 1994, the Leased Property has an appraised value of$93,983,000, including <br /> $3,620,000 as the appraised value of the Site of the Project. The Leased Property will have a fair rental value <br /> which is greater than or equal to the Base Rental. The City expects to release all of the Leased Property, other <br /> than the Site, from the Lease and Ground Lease upon completion of the Project and the issuance of a certificate <br /> of occupancy therefor. See "SECURITY FOR THE BONDS -- The Lease-- Release of Leased Property." <br /> 3 <br />