GORDON & WILLIAMS, INC. 1B-2007 - Laserfiche WebLink

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r r Contracts Amendments for The City Hall Parking Garage March 5, 2007 Page 2 funded construction of the courthouse. The City also agreed to construct a 300 space parking structure in front of City Hall. With construction of the new parking structure nearing completion, a review of all pre - architectural design elements relating to the new State Appellate Court and surrounding site was initiated. It was determined that in order to maintain a consistent level of design and provide a welcoming experience for all visitors and Civic Center employees an upgrade to the approximately 50 year infrastructure surrounding the parking structure is required. The proposed improvements would incorporate a redesigned entry into the Civic Center parking area as well as new hardscape, landscaping, and security lighting surrounding the new parking structure. In addition, a new plaza entrance between the parking structure and City Hall would be developed as well as revamping ADA access to the Council Chambers for visitors. Finally, the State's final design provides for additional improvements which includes security fencing; and the County has requested that a new electronic entry system be incorporated within the new entry design. The County has committed to reimbursing the City $885,000 for the new the entry system. In order to fund the additional project costs as well as any escalated material costs, the original lender (All Points Capital) was contacted to evaluate different options. The recommended financing option would supplant the first bond allowance of $5.9 million with a new bond totaling $8.47 million. Since interest rates have increased from the original financing term of 4.71% to 4.95 %, All Points Capital has agreed to maintain the favorable terms under the first financing by providing a blended rate of 4.78 %. The new rate would reflect the same total payment as if the City would have selected to maintain two distinct bonds. Total annual payments would increase from $475,000 to approximately $680,000 under the new financing terms. It is anticipated that the parking garage will be completed in early March 2007 with the site work completed by June 2007. The State plans to begin construction of the courthouse facility by late summer 2007 and move the court personnel into their new permanent home in the Santa Ana Civic Center by the end of 2008. FISCAL IMPACT Funds for construction of the parking garage site work and preparation of the courthouse development site will be generated from the financing and will be available in the capital projects account for the Civic Center .1 : i