Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,820,000 FOR THE PURPOSE OF PAYING COSTS OF IMPROVING THE CITY’S RECREATIONAL FACILITIES BY CONSTRUCTING TENNIS AND PICKLEBALL COURTS AT BARLOW FARM PARK, INCLUDING RELATED PARKING FACILITIES, UTILITY AND DRAINAGE FACILITIES, AND IMPROVING THE SITE THEREOF, TOGETHER WITH NECESSARY RELATED IMPROVEMENTS AND APPURTENANCES THERETO.
Brief Description: This ordinance authorizes the sale of bonds to finance the tennis and pickleball courts at Barlow Farm Park.
Body
Legislative History
Resolution 22-58 authorized the City Manager to enter into a contract with Mr. Excavator, Inc. for the construction of the Barlow Farm Park Tennis and Pickleball courts improvement project.
Resolution 22-87 authorized the purchase of a prefabricated public restroom structure for the tennis and pickleball courts.
Purpose & Explanation
Staff will competitively sell 20 years bonds to permanently finance the cost of the tennis and pickleball courts at Barlow Farm Park.
The original awarded cost of the project was $1,658,672. We deducted $9,050 for the cost of the restroom since we are purchasing it separately at a lower cost. The amended award was $1,649,622 with a 10% contingency for a total of $1,815,489. We rounded the issuance to $1,820,000.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends Council authorize the sale of bonds to finance this project.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst City Manager/Finance Director