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<br />If we leave $250,000 in the General Fund as a continued <br />?i <br />reserve, by allocating the money as recommended above the <br />City would still have by year end 1981 $50,000 of Liquor <br />Funds and $95,000 of Revenue Sharing. In other words, <br />this $145,000 would be received during the year. 1981. It <br />would be my recommendation that depending on the availability <br />of these monies, that the City use them to concurrently <br />renovate City hall and the (rolf course club house. Since <br />the full $145,000 is riot likely to be needed for renovation <br />of City Ball and the club house, depending on cash flow <br />during the year,approximatel.y $100,000 would likely be <br />available to be used for various park or golf course capital <br />projects. <br />ftecoynizilly that this recommendation is very preliminary because <br />of a lack of good cost data, it does provide you with an opportunity <br />to see the potential fundability of these projects. We would <br />still have approximately $250,000 of General Fund reserves to <br />fall back on so our overall posture would be one of conservatism. <br />The immediate issue is, of course, the funding of a new municipal <br />liquor store. My recommendation is that that facility ought to <br />be budgeted at $700,000 with $350,000 paid for from liquor <br />reserves and $350,000 paid for through a revenue bond of not <br />to exceed 20 years. The expected principal and interest cost <br />• of a 15 year revenue bond at 6.75% interest is $37,826 per year. <br />I do not advocate delaying a decision on the public safety <br />facility until tax increments may be available through re- <br />development. I tend to believe that most of the increments <br />will be needed for redevelopment assistance including acquisition, <br />demolition and public improvements. <br />Recoimiiendation <br />1) To authorize construction of a new municipal on and off-sale <br />liquor store ih downtown at a budgeted cost of $700,000 to <br />be paid for 50$ through cash reserves in the Liquor Fund <br />and 50% through a Revenue Bond not to exceed 20 years. <br />2) To authorize the Mayor and Manager to execute an agreement <br />for architectural and interior design services for the <br />new liquor store with Architectural. Alliance and Associate <br />Projects Corporation for a total fee not to exceed $44,800. <br />Denni <br />t s S. ylla, City Manager <br /> <br />-4-