ORDINANCE NO. 240692
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Sponsor: Director of Finance Department
Estimating revenues and appropriating $650,000.00 from the Unappropriated Fund Balance of the 2025A Taxable Special Obligation Bond Fund for the Performing Arts Center Garage Fire Suppression System; authorizing the City Manager to execute the Fifth Amendment to the Cooperative Agreement for Design and Construction for the parking garage adjacent to the Performing Arts Center; designating requisitioning authority; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the Performing Arts Community Improvement District (PACID) was approved and established by Ordinance No. 030504; and
WHEREAS, the City, the PACID, and PAC Holding, Inc. entered into a Cooperative Agreement for Design and Construction in 2008 for purpose of setting out roles and responsibilities related to design, construction, and maintenance of the City-owned parking garage adjacent to the Performing Arts Center (the "Arts District Garage") which has been amended four times; and
WHEREAS, the Arts District Garage fire suppression system is in need of repair. Bids were received by the PACID and the winning bid results in a total project cost not to exceed $1.0 million; and
WHEREAS, funding for the fire suppression system repairs is expected to come from the City in the amount of $150,000 in FY25 from allocated capital maintenance funding in the General Services Department plus an allocation of $650,000 in City taxable special obligation bond proceeds plus a contribution from PACID in the amount of $200,000; and
WHEREAS, the City expects to repay the taxable special obligation bonds using an FY26 allocation in the amount of $150,000 from the capital maintenance funding in the General Services Department, an allocation of $200,000 from the PACID reserve or operating funds plus an allocation of $150,000 from the capital maintenance funding in the General Services Department in FY27, and $50,0...
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