City Council Minutes 2016 07 19 - Laserfiche WebLink

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City Council Meeting Minutes July 19, 2016 Page 6 of 15 noted the cost estimates listed in the bond may be high but this allows for unexpected costs and gives more flexibility when financing the debt. The second ordinance is to create a new sales tax to fund the increased operation and maintenance of the expanded facilities. Council member Stolzmann proposed an amendment to Ordinance No. 1724 removing "and other recreation facilities" from the language. Finance Director Watson stated it was included in the case that more revenue is collected than is needed for the Recreation Center it can be retained for other recreation facilities. City Attorney Light noted this is a back stop in case additional funds are generated and can be earmarked for additional recreation costs. Council member Stolzmann stated her desire the language be removed so it is not open, but dedicated to the Recreation /Senior Center and Memory Square Pool. Council member Maloney agreed with Council member Stolzmann regarding that language. He inquired if the interest rate was actually lower, would the principal borrowed be the same amount. Finance Director Watson responded yes. Council member Maloney asked how the renewal and replacement costs for operations and maintenance were identified. Parks and Recreation Director Stevens stated it is based on life cycle cost and replacement cost at the end of a period of time with some contingency added. Mayor Pro Tem Lipton noted there is a link between the two ballot questions. Both need to be passed for the project to move forward. Deputy City Manager Balser stated there is an expectation the two questions are linked and the sales tax will be needed to pay for the additional costs of the expansion. Mayor Muckle was satisfied with how the ballot questions are written; the building needs to be complete before the sales tax would be imposed. MOTION: Mayor Muckle moved to approve Resolution No. 34, Series 2016, seconded by Council member Leh. Motion passed 6 -0, Council member Keany absent. City Attorney Light noted adopting Resolution No. 34, Series 2015 calls a Special Election because November 8, 2016 is not the City's regular election date and per the Charter, the Special Election must be called. The election will be held as a coordinated election with Boulder County. City Attorney Light introduced Ordinance No. 1723, Series 2016. He noted the ballot language is a TABOR question requiring voter approval for multiple year debt with an estimate of the total costs. He added it includes both the property tax increase and a maximum cap on the mill levy which is set each year.