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Home My WebLink About2006/09/19 Item 12 COUNCIL AGENDA STATEMENT Item /?- Meeting Date 9/19/06 ITEM TITLE: Resolution authorizing the appropriation of interest earned from the 2004 Certificate of Participation (Civic Center Project - Phase I) in the arnount of $449,554 to the Civic Center Complex Capital Improvement Project (GG139) Director of General serv~jY' Director of Finance . 4/ CIty Manager 4 (4/5ths Vote: Yes -X N 0 ~ SUBMITTED BY: REVIEWED BY: The City Council previously approved CIP project GG-139 which involved the renovation of the Civic Center Complex. On August 3, 2004 City Council approved by Resolution 2004-266 a financing plan for Component A of the project appropriating $15,955,550 from bond proceeds and $3,000,000 from the Public Facility Development Impact Fund (PFDIF). Phase I, City Hall, is now complete and in an effort to expend trustee funds in a timely manner (including interest), it has become necessary to appropriate the interest earned to the project for expenditures incurred. RECOMMENDATION: That Council adopt the resolution and authorize the appropriation of interest earned from the 2004 Certificate of Participation (Civic Center Project - Phase I) in the amount of $449,554 to the Civic Center Complex Capital Improvement Project (GG 139). BOARDS/COMMISSIONS RECOMMENDATION: N/A DISCUSSION: The financing for the proj ect is broken down into the three phases consistent with the three phases of the Civic Center Complex renovation/construction plan and was budgeted accordingly. The existing appropriation to the Civic Center Complex project was intended to cover budgeted costs of the first phase of the proj ect. At the completion of Phase I, it was identified that interest earned was available, but not yet appropriated to the project for expenditure. In the interest of spending those funds in a timely manner (within three years time) and offsetting costs that would otherwise be charged to the Public Facility Development Impact Fund (PFDIF) staff is recommending at this time that the interest be appropriated to the proj ect as necessary to cover the fmal expenditures to Phase I including but not limited to the final billing of Phase I from the Design Builder, Highland Partnership, Inc. and eligible recoverable staff time. Please note that although there were expenditures for future phases that occurred in Phase I, the overall project costs for Phase I were completed within budget. 12-1 Page 2, Item ) 9- Meeting Date 9/16/06 DECISION MAKER CONFLICTS Staff has reviewed the property holdings of the City Council and has found a conflict exists, in that Councilrnember Jerry Rindone has holdings within 500 feet of the boundaries of the property which is the subj ect of this action. FISCAL IMPACT: Tonight's approval will authorize the appropriation of interest earned from the 2004 Certificate of Participation (Civic Center Project - Phase I) in the amount of $449,554 to the Civic Center Complex Capital Improvement Project (GG139) as intended. Attachment( s): 1. Interest Earned M:\General Services\GS Administration\Council Agenda\Civic Center\FY06 Interest Appropriation\2006 Interest Appropriation.doc 12-2 ATTACHMENT I CITY OF CHULA VISTA 2004 CERTIFICATE OF P ARTICIP ATION (CIVIC CENTER PROJECT - PHASEI) 7N04-6/30/06 INTEREST EAR.c'fED DATE DESCRIPTION PROJECT FUND 325542 Beginning Balance 07/01/04 0.00 10/04/04 Dividend - BNY Hamilton Trsy Money Fd #741 10/14/04 Received -Interestfor Sept Fr: GIC 11/02/04 Dividend - BNY Hamilton Trsy Money Fd #741 12/02/04 Dividend - BNY Hamilton Trsy Money Fd #741 12/06/04 Interest -Invst Earning from GIC 01/04/05 Dividend - BNY Hamilton Trsy Money Fd #741 02/02/05 Dividend - BNY Hamilton Trsy Money Fd #741 02/14/05 Interest\Purchase BNYHamilton TRSY-Receipt 03/02/05 Dividend - BNY Hamilton Trsy Money Fd #741 04/04/05 Dividend - BNY Hamilton TrsyMoney Fd #741 04/11/05 Interest Earning From GIC 05/03/05 Dividend - BNY Hamilton Trsy Money Fd #741 06/02/05 Dividend - BNY Hamilton Trsy Money Fd #741 06/13/05 Interest -Invst Earning from GIC 06/13/05 Interest -Invst Earning from GIC 07/05/05 Dividend-BNY Hamilton TRSY 08/02/05 Dividend-BNY Hamilton TRSY 08/12/05 Purchase BNY Hamilton TRSY 09/02/05 Dividend-BNYHamilton TRSY 10/04/05 Dividend-BNY Hamilton TRSY 10/25/05 Transfer to project fund 325542 - Delivery Cost Bal.' 11/02/05 Dividend-BN'Y Hamilton TRSY 12/02/05 Interest - BN'Y Hamilton TRSY 12/09/05 Wire received fr transfer to pay acct#3225543 01/04/06 Dividend-BNY Hamilton TRSY 02/02/06 Dividend-BNY Hamilton TRSY 03/02/06 Dividend-BNY Hamilton TRSY 04/04/06 Dividend BNY Hamilton TRSY 05/02/06 Dividend BNY Hamilton TRSY 06/02/06 Dividend BNY Hamilton TRSY 1,902.59 25,621.20 1,771.39 2.48 48,782.59 4.76 3.19 51,268.51 42.71 2.83 169,637.79 8.99 10.10 38,607.12 37,479.55 4.32 18.00 61,660.77 101.60 154.28 11,173.72 . 175.88 208.02 1.00 200.94 166.00 250.72 67.84 113.41 111.82 Grant Total Of Interest Earned Ahd Adjustments 449,554.12 'Note: Delivery cost balance transfer included 12-3 RESOLUTION NO. 2006- RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE APPROPRIATION OF INTEREST EARNED FROM THE 2004 CERTIFICATE OF PARTICIPATION (CIVIC CENTER PROJECT - PHASE I) IN THE AMOUNT OF $449,554 TO THE CIVIC CENTER COMPLEX CAPITAL IMPROVEMENT PROJECT (GGl39) WHEREAS, the City Council previously approved Capital Improvement Project GG-139, which involved the renovation of the Civic Center Complex; and WHEREAS, on August 3, 2004, the City Council approved by Resolution 2004- 266 a financing plan for Component A of the project appropriating $15,955,550 from bond proceeds and $3,000,000 from the Public Facility Development Impact Fund (PFDIF); and WHEREAS, Phase I, City Hall, is now complete and in an effort to expend trustee funds in a timely manner (including interest), it has become necessary to appropriate the interest earned to the proj ect for expenditures incurred; and WHEREAS, at the completion of Phase I, it was identified that interest earned was available, but not yet appropriated to the project for expenditure; and WHEREAS, in the interest of spending those funds in a timely manner (within three years time) and offsetting costs that would otherwise be charged to the PFDIF, staff is recommending at this time that the interest be appropriated to the project as necessary to cover the final expenditures to Phase I including, but not limited to, the final billing of Phase I from the Design Builder, Highland Partnership, inc., and eligible recoverable staff time. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula Vista does hereby authorize the appropriation of interest earned from the 2004 Certificate of Participation (Civic Center Project- Phase I) in the amount of $449,554 to the Civic Center Complex Capital Improvement Project (GG 139). Presented by Approved as to form by Maria Kachadoorian Director of Finance tf J:\Attomey\RESO\FINANCE\appropriation of interest earned from 2004 CofP.doc 12-4