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<br />Contracts Amendments for <br />The City Hall Parking Garage <br />March 5, 2007 <br />Page 2 <br /> <br />funded construction of the courthouse. The City also agreed to construct <br />a 300 space parking structure in front of City Hall. <br /> <br />With construction of the new parking structure nearing completion, a <br />review of all pre-architectural design elements relating to the new State <br />Appellate Court and surrounding site was initiated. It was determined <br />that in order to maintain a consistent level of design and provide a <br />welcoming experience for all visitors and Civic Center employees an <br />upgrade to the approximately 50 year infrastructure surrounding the <br />parking structure is required. <br /> <br />The proposed improvements would incorporate a redesigned entry into the <br />Civic Center parking area as well as new hardscape, landscaping, and <br />security lighting surrounding the new parking structure. In addition, a <br />new plaza entrance between the parking structure and City Hall would be <br />developed as well as revamping ADA access to the Council Chambers for <br />visitors. Finally, the State's final design provides for additional <br />improvements which includes security fencing; and the County has <br />requested that a new electronic entry system be incorporated within the <br />new entry design. The County has committed to reimbursing the City <br />$885,000 for the new the entry system. <br /> <br />In order to fund the additional project costs as well as any escalated <br />material costs, the original lender (All Points Capital) was contacted to <br />evaluate different options. The recommended financing option would <br />supplant the first bond allowance of $5.9 million with a new bond <br />totaling $8.47 million. Since interest rates have increased from the <br />original financing term of 4.71% to 4.95%, All Points Capital has agreed <br />to maintain the favorable terms under the first financing by providing a <br />blended rate of 4.78%. The new rate would reflect the same total payment <br />as if the City would have selected to maintain two distinct bonds. Total <br />annual payments would increase from $475,000 to approximately $680,000 <br />under the new financing terms. <br /> <br />It is anticipated that the parking garage will be completed in early <br />March 2007 with the site work completed by June 2007. The State plans to <br />begin construction of the courthouse facility by late summer 2007 and <br />move the court personnel into their new permanent home in the Santa Ana <br />Civic Center by the end of 2008. <br /> <br />FISCAL IMPACT <br /> <br />Funds for construction of the parking garage site work and preparation of <br />the courthouse development site will be generated from the financing and <br />will be available in the capital projects account for the Civic Center <br /> <br />808-2 <br /> <br />