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<br />Public Hearing - Fourth District Court of Appeal <br />February 7, 2005 <br />Page 3 <br /> <br />It is anticipated that the parking garage will be completed in 13 months, or <br />approximately March 2006. The State plans to begin construction of the <br />courthouse facility by early Summer 2006 and move the court personnel into <br />their new permanent home in the Santa Ana Civic Center by Fall 2007. <br /> <br />The design, construction and financing of the parking garage are estimated <br />to cost a total of $5.3 million, with nearly half of that amount being <br />provided by the sale of the site to the State. The balance will be financed <br />over 15 years through the proposed lease-purchase financing agreement with <br />Sun Trust Leasing Corporation. The estimated maximum annual lease payment <br />for the garage is $298,600 based upon a maximum interest rate of 4.6 <br />percent. In order to complete the financing, the firm of Quint and Thimmig <br />will serve as bond counsel and Northcross, Hill & Ach will perform <br />financial advisor services. <br /> <br />FISCAL IMPACT <br /> <br />Under the terms of the agreement, the City will receive $2.3 million in <br />land sales proceeds. The balance of the funds for construction of the <br />parking garage and preparation of the courthouse development site will be <br />generated from the financing and available in the capital projects account <br />for the Civic Center Parking Structure Project (account no. 51-012-6621, <br />Project No. 2740). <br /> <br />CONCUR: <br /> <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br /> <br />es G. Ross <br />ecutive Director <br />Public Works Agency <br /> <br />, i_ _ . _ _ ~ ~" \ <br />\\~~\)"""") T~-^-, <br />Francisco Gutierrez <br />Executive Director, Finance and <br />Management Services <br /> <br />JT25L-3 <br /> <br />