Resolution setting a public hearing for April 20, 2020 at 7:00 p.m. on approving a final exhibit B to the parking facility lease purchase agreement and revising the total amount of potential payments to be made as part of the lease purchase acquisition of the river’s edge parking facility at $19,300,000 to $19,650,000.

The parking garage at Rivers Edge is nearing completion and it is now approaching the time where the City is to assume responsibilities for it.

When the City first entered the lease purchase agreement, which brought about the construction of this facility in addition to approximately $4,240,296 contributed toward the project in roughly equal parts by the City and the IWF the balance of the project costs of what was estimated to be $9,762,640 was to be paid off by lease payments over 20 years with interest cost, which was projected to add up to $15,723,034.19

With the final numbers now in the lease payments over the twenty years are not $15,393,930. This is $329,104 less than what was initially forecasted.  Taking the initial contributions into account the total project costs will equal $19,634,226 which includes the interest to be paid over the next twenty years.  We have been advised by our bonding counsel that a public hearing should be held disclosing this amount.  A resolution setting this hearing for the 20^th day of April 2020 has been placed on this agenda.