HomeMy WebLinkAboutADMIN-33-99 THE CORPORATION OF THE MUNICIPALITY OF CLARINGTON
REPORT
Meeting: General Purpose and Administration Committee File #A-)9_
Date: November 15 1999 Res. #
Report #: ADMIN. 33-99
Subject: BOWMANVILLE MAIN BRANCH LIBRARY
RECOMMENDATIONS:
It is respectfully recommended that the General Purpose and Administration Committee
recommend to Council the following:
1. That Report ADMIN. 33 — 99 be received;
2. That Council confirms the need for additional library space in Bowmanville;
3. That Council confirms that it is neither feasible nor efficient to expand the
existing library and that the most cost effective way to provide new library space
in Bowmanville would be by way of a new building.
4. a) That Council concurs with the Library Board that new library space should
be provided within the vicinity of historic downtown Bowmanville; or
4.b) That Council direct staff to work with the Library Board's staff to report back on a
process that would lead to building a new Bowmanville Branch Library beyond
the downtown area; ,
5.a) That Council confirm the use of the former L.C.B.O. land for a multi-storey
new building to provide for a new Bowmanville Branch Library and Municipal
office space and to bring forth a report for Council's approval detailing the
process and budgetary requirement;
That Council will provide public parking by acquiring nearby properties as they
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become available in the future, and that the allocation of funds for such purpose
be addressed in the 2000 budget; or
5.b) That Council, having regard to its decision for a downtown location, direct staff to
prepare for a proposal call for a stand-alone new Bowmanville Branch Library and
to bring forth a report for Council's approval detailing the terms of reference for
the proposal call;
That Council approve the use of the existing L.C.B.O. building for municipal office
space and staff to report back on the cost of renovation through the 2000 budget
process.
REPORT:
BACKGROUND
Report ADMIN. 20-99 was considered by Council on June 28 1999 and the following
resolution was passed:
"That Council approve in principle to utilize L.C.B.O. property for the purpose of
accommodating a new Bowmanville Main Branch Library as well as to provide for
additional office space for the Administration Centre;
That staff be authorized to take all necessary action and to bring back a detailed
report which, among other matters, shall deal with space requirements, preliminary
building configuration, financing, timing, etc."
Despite the above resolution, several concerns were raised by Councillors during Council's
meeting. These include lack of parking, feasibility of expanding existing library,
investigation of other sites, financial implications, etc.
1. PURPOSE
The purpose of this report is to provide Council the necessary and required
information in order to assist Council to make an informed decision. In this regard,
we have taken a systematic step-by-step process to deal with the issue.
The recommendations contained in this Report require Council to address each one
in a sequential manner.
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2. NEED FOR ADDITIONAL LIBRARY SPACE
The existing Bowmanville Library was opened in 1965, at the time when the
population in Bowmanville was about 7,000. Since then, Bowmanville's .
population has swelled to about 25,000 and is still growing at a fairly rapid pace.
Council, Library Board and staff are aware of the current acute space deficiency, but
in recognition of other priorities over the last several years, any plan for expansion
or building a new facility has been placed on hold.
In May 1999, the Library Board approved a document entitled "Building the
NETWORK" which contains several objectives. The first objective reads as follows:
"Begin planning for the building of a new Main Branch (Bowmanville) to be
completed by January 2003. Actively work with Members of Council to
further this project."
The provincial standard for library space is established at 0.6 square foot per capita.
The existing facility in Bowmanville has only 0.35 sq.ft. per capita including space
not utilized for direct public service. Throughout the municipality the level of
service is approximately 0.4 sq.ft. per capita. If we calculate only that space
allocated directly to public service, the service level is closer to 0.26 sq.ft. per
capita across the Municipality. A new main library of approximately 28,000 square
feet would raise the standard municipal wide to approximately 0.6 sq.ft. per capita.
These figures were determined using a design population including a growth factor
for a ten year horizon based upon a current growth projection.
The Library Board, at its recent meeting with Council, reiterated the need for
additional library space. Based on the above information, we concur with the
Library Board's submission that there is a need.
Recommendation #2
That Council confirm the need for additional library space in Bowmanville.
3. EXPANDING EXISTING LIBRARY
Once the need is established, the next logical step is to look at the feasibility of
expanding the existing facility.
The existing library in Bowmanville has a ground floor area of 5641 sq.ft. and a
basement area of 5,210 sq.ft. Building surveys in 1988 and 1995 shows the
building to be generally in good condition. There are concerns for the roof system
which will need to be replaced within the next five to seven years.
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To achieve the additional floor space for an expanded new library, two additional
floors are required to be added to provide a total of about 22,000 sq.ft floor space,
about 5,000 sq.ft short of the desired space requirement. After consultation with
the engineers from Totten Sims Hubicki Associates, they confirmed that the existing
foundations will not be able to support two additional floors. If there is a desire to
do so, it could be done by either removing the existing roof and ground floor walls,
place additional foundation to support new floors, or bridge over the existing
structure by new exterior columns. As the proposed method of construction is
unconventional, it could double the cost of standard construction. Further, the
proposed construction methods would require the library to be closed for a period
of 18 — 24 months during construction. Such an interruption would not be
acceptable to the library users, not to mention the moving cost of the library to a
temporary location if one can be found at all. The Library Director estimated the
cost of relocating the library temporarily during construction would be about
$330,000 including lease, wiring, moving costs, etc.
Recommendation #3
That Council confirms that it is neither feasible nor efficient to expand the
existing library and that the most cost effective way to provide new library space
in Bowmanville would be by way of a new building.
4. DOWNTOWN VERSUS NON-DOWNTOWN LOCATION
As expansion to the existing library is ruled out, the next step is to determine
whether or not the new library space should be provided in downtown or in a
location elsewhere.
A downtown location is suggested by the fact that the Bowmanville library has been
an integral part of downtown Bowmanville for over a century. A well situated main
library can continue to contribute to the health and well being of the community.
Libraries situated in a downtown area are recognized "draws" to the downtown area
and can provide local businesses with improved walk-in traffic. In addition, the
library can serve as an informal meeting place for those who visit the town for any
reason. This meeting place experience can be shared by everyone in the
community as the library serves users of all ages. At its recent meeting with
Council, the Library Board stated its preference of a downtown location.
Notwithstanding, a downtown location has certain inherent limitations. There is a
very limited land and/or building opportunity in the vicinity of historic Bowmanville
downtown. Further, higher land cost and lack of visitor parking are two major
problems associated with any downtown location. Council must be cognizant of
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these impediments in its decision. Once a decision is made, we must live with the
decision and be prepared to move on to the next step.
Recommendation #4(a)
That Council concurs with the Library Board that new library space should be
provided within the vicinity of historic downtown Bowmanville.
or
That Council direct staff to work with the Library Board's staff to report back on a
process that would lead to building a new Bowmanville Branch Library beyond
the downtown area.
5. WHERE IN DOWNTOWN
In the event Council opts for Option B above, the balance of this report would be
irrelevant. However, as previous discussions among staff, Council members, and
the Library Board appear to lean in the direction of a downtown location, it is
therefore prudent to explore the next step, i.e. where in the downtown, either on
municipally owned land or private property.
Municipal Properties
a) Court House Building
The Fire and Court building is a two storey building with a full basement. The
building is currently leased to Ontario Realty Services for Provincial Court, as well
as home to the Oshawa Clarington Association for Community Living and the John
Howard Society. The basement is the Firehouse Youth Centre as well as activities
for the Clarington Project.
In 1994, the building was considered for a Seniors Activity Centre, but due to the
prohibitive costs for upgrading the physical plant and the restrictive ceiling heights
due to ductwork, etc., the use of this building for seniors was rejected.
In order to accommodate a library, the building would require the installation of an
elevator and possibly an external addition complete with new lobby to
accommodate the elevator in compliance with barrier free standards. Costs for
retrofitting this building to accommodate the Older Adults Association several years
ago ranged from $100 to $115 per square foot, for a total cost of approximately
$700,000, a cost that is considered very prohibitive just for renovation purposes of
part of the building. In addition to the cost, all current tenants would have to be
relocated.
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b) Division Street Parking Lot
Although this property is owned by the Municipality, commitment was made to the
B.I.A. by previous Council that the land should only be used for public parking
purposes.
c) Former Petro-Can (Brock Service Station) Site
This property is not in municipal ownership at this time, but discussions with the
owner are continuing. Regardless, Council has made the commitment to the B.I.A.
to pursue this property for public parking purposes.
d) Former L.C.B.O. Land
This property has the advantage of locating adjacent to the Municipal
Administrative Centre and can be used for a new building containing both new
library space on the ground and second floor and new municipal office space on the
third and fourth floor.
joint facilities of this nature can provide significant savings in construction cost and
operating cost, as many common areas such as meeting rooms, washrooms, hallway
elevators plus other common building areas and physical plants can be shared. It is
the only site that can provide the opportunity for the Municipality to add the much
needed office space in very close proximity to the existing Administrative Centre.
However, there is no opportunity at all to provide any on site parking. The cost of
providing underground parking is very prohibitive and is not recommended.
Visitors to the new Library would continue to be inconvenienced just the same as in
its current location. If the L.C.B.O. site is the preferred location, Council must
accept this as a given for the time being and work on a longer term strategy to
resolve this issue.
Parking
Irrespective where the new library will be located in the vicinity of the downtown,
visitor parking will continue to be a problem, at least for the short term. Despite the
fact that the current library only relies on on-street parking, it is important that off-
street parking is provided with a new facility. In this regard, a new library site
should be of sufficient size to accommodate both the building and parking area.
However, it should be noted that a parking area consumes land which could be
costly in the downtown vicinity and may jeopardize the financial viability of a new
library.
There is very limited option, if any, to resolve the parking issue in the short term. In
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the event Council opts for a combined library and municipal office on the former
L.C.B.O. land, it is prudent that Council at this time made a commitment to acquire
properties nearby for public parking as these properties become available in the
future. The fund required for future acquisition should be set aside on an annual
basis, and the actual acquisition be subject to approval by future Council.
What has been suggested above is a two stage process. The first stage is to build
the joint facilities and the second stage is to acquire land nearby for parking
purposes. Given all the constraints, we feel that this two stage approach is probably
the only workable solution.
Other Privately-owned Properties
Should Council decide against the former L.C.B.O. site, the next step would require
investigation of privately owned properties in the vicinity of the historic downtown.
In this regard, the Municipal purchasing by-law requires a public process in the
procurement of private interest to build the new Bowmanville Branch Library. The
public process is generally referred to a proposal call whereby terms of reference
will be provided to all in competing for the project.
In most cases, a proposal call usually produces a fair amount of interest from the
private sector. However, due to a very restricted location, that of downtown
vicinity, there may not be any interest, and if so, the cost could be very prohibitive
due to higher land cost and lack of competitive bids. This process does not
guarantee a proposal that would be acceptable and/or affordable by the
municipality. It is likely that a lot of time and effort could be wasted with no
guarantee of success through such a process. If the process fails to produce an
acceptable proposal, where do we go from there?
Recommendation #5(a)
That Council confirms the use of the former L.C.B.O. land for a multi-storey new
building to provide for a new Bowmanville Branch Library and Municipal office
space and to bring forth a report for Council's approval detailing the process and
budgetary requirement.
That Council will provide public parking by acquiring nearby properties as they
become available in the future, and that the allocation of funds for such
purpose be addressed in the 2000 budget, or
Recommendation #5(b)
That Council, having regard to its decision for a downtown location, direct staff to
prepare for a proposal call for a stand-alone new Bowmanville Branch Library and
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to bring forth a report for Council's approval detailing the terms of reference for
the proposal call.
That Council approve the use of the existing L.C.B.O. building for municipal office
space and staff to report back on the cost of renovation through the 2000 budget
process.
6. NEED FOR MUNICIPAL OFFICE SPACE
The existing Municipal Administrative Centre was constructed in 1988 and was
designed to accommodate 68 employees. Today, the MAC houses 88 employees, a
29% over the design capacity. The physical working environment of most
employees has deteriorated over time as additional employees are being squeezed
into very limited space, meeting rooms are converted to offices, and filing cabinets,
copying equipment are placed in corridors causing safety concerns.
The need for new office spaces to alleviate the current condition, as well as to meet
future requirements must be addressed.
The former L.C.B.O. site presents an ideal location to solve both the short term and
long term needs for additional office space. The long term scenario would see a
new building wing constructed on this site, while the short term solution would be
to renovate the existing building.
As the Library Board has expressed the need for an expanded Bowmanville Main
Library, an opportunity presents itself for the Municipality and the Library Board to
jointly share a new building, thus, significantly reducing the cost of financing two
separate projects.
If the former L.C.B.O. building is not selected for the Library/MAC expansion, the
Municipality should consider utilizing the existing building to accommodate current
departmental needs and storage. The building could be modified to include
meeting rooms, office areas and storage in the interim.
It is estimated that to modify the building to accommodate municipal purposes, the
project would include upgrades to egress and aggress, building code compliance
and upgrades to the physical plant.
7. FINANCING THE NEW LIBRARY
Existing Debenture
The Municipal tax base currently supports a debenture of $5.5 million, which was a
combined issue for the Municipal Administrative Centre ($2.5 million) and the
Rickard Recreation Complex ($3.0 million). Neither of these projects had
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development charge funding due to the timing of their construction. The annual
debenture payment for interest and principal repayment is approximately $730,000.
The term of this debenture is15 years, with interest varying from 9.25% in 1988 to
11.25% in 2003. The last payment is made in 2003.
Scenario A — Combined Facility — Proposed New Debenture
The summary of the impact of proceeding with a combined facility or stand alone
projects is detailed on Schedule A attached.
Under Scenario A, where the facility is combined to accommodate the Library Main
Branch and an expansion to the existing Municipal Administrative Centre, the
proposed financing to construct would require a debenture of approximately $7.2
million. The combined facility allows some shared use of the facility, it would
reduce the cost to construct, and thereby the debenture repayment cost, when
compared to stand-alone separately constructed projects.
The repayment of the debenture is proposed to be drawn from the Development
Charge Library Reserve Fund to the extent allowable under the Development
Charges Act and from the retirement of the existing debenture from the tax base
after 2003.
Attachment #1 to the summary of the capital analysis (Schedule A) shows some of
the details related to timing. The proposed timing of the project identifies
construction beginning in 2001 with completion by December 2002. The
debenture proceeds would be required in early to mid 2001, which would leave the
repayment schedule starting in early 2002. At this point, all projections are
estimates only, and are based on preliminary discussions with the Region of
Durham, who float debentures for all area municipalities. The interest rate for a
15-year debenture has been estimated at 7%. The repayment is estimated at
approximately $995,200, which includes approximately $93,200 financing from the
Development Charge Library Reserve Fund.
The current debenture retires with a final payment in 2003 of approximately
$730,000. Therefore there will be two years; 2002 and 2003, that will require
financing from alternate sources until the current debenture payment can be rolled
over to cover the proposed new debenture.
It is proposed that the tax base be increased gradually between 2000, to 2003 to
incorporate the increase in the overall payment from the current $730,000 to the
proposed $902,000 (net of $93,200 from the Library Development Charges). It is
anticipated that approximately $50,000 be added in 2000, increasing to an annual
budget impact of $75,000 in 2003. These funds would be transferred to the
current Reserve Fund for Debenture Retirement, and be available for the first
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repayment in early 2002. The proposed increase in tax support directed to this
debenture repayment is approximately $255,000. This amount includes the
increases in annual budget referred to here.
The Reserve Fund for Debenture Retirement currently has a balance of
approximately $1,000,000. It is anticipated that with interest accumulation and the
added tax increase for future debenture repayment, the fund will accommodate the
first year's payment in 2002 of approximately $902,000, plus approximately
$93,200 from the Development Charge Reserve Fund. The second year of
repayment will require the remaining funds from the Debenture Retirement Reserve
Fund and an alternate source of funds in the amount of approximately $786,000. It
is suggested that the Working Funds Reserve be used for this purpose. The current
balance in the Working Funds Reserve is approximately $1 million. Although it is
not recommended that this reserve be depleted substantially, if there are surplus
funds in any given year, they are transferred to this fund for rate stabilization, and
the recent past which has produced sufficient surplus to allow this fund to build up
are hopeful to continue.
The Library Development Charge Reserve Fund is in a negative balance of
approximately $1 .6 million resulting from the construction of the Courtice Library
in advance of the collection of the full value of charges under the previous
Development Charge Legislation. It is not recommended that the fund continue to
decline into a more severe negative balance. Consequently, if the project proceeds
before the fund has accumulated sufficient funds to bring it into a positive balance,
it is recommended that the Municipal Capital Works Reserve Fund interim finance
the debenture payment, without interest, until the fund has accumulated sufficient
to repay the charge.
Scenario B — Stand Alone Facilities — Library & M.A.C. Expansion — Proposed New
Debenture
If the project proceeds with both projects going ahead on a stand alone basis, the
shared use portions of the Library is eliminated, thereby increasing the overall
square footage requirement from 24,000 square feet in the combined facility, to
32,000 square feet. The additional footage accommodates meeting rooms,
entrances, shared walkways etc. that are combined in the shared use facility.
The construction cost and repayment details for the stand-alone facilities are shown
on attachment #2. Using a reasonable estimated land cost based on market value
and the same cost to construct of $150/sq. ft., the cost increases the debenture
requirement to approximately $9.5 million from the estimated $7.2 million for the
combined project. The increased debenture results in an increase in the annual
repayment amount from the estimated $995,000 to an estimated $1 .3 million. As
stated above, the existing debenture will be complete at the end of 2003, and is the
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current payment amount eligible for roll over to cover a new debenture in 2004.
Therefore, financing is required between 2002 and 2004 when the repayment of a
new debenture begins. Under the combined scenario, the interim financing is
covered by a combination of the Library Development Charge Reserve Fund and
the tax base. In the stand-alone scenario, the increase of approximately $300,000
requires that the Development Charge Reserve Fund contribute an additional
$100,000 and the tax base an additional $200,000.
If both facilities are constructed separately, the total cost, including the value of the
first two years of debenture repayment, increases from an estimated $9.3 million to
an estimated $12 million.
8. OPERATING IMPLICATIONS
Whether or not the new library space is provided through a stand alone building or
joint with municipal office space, the construction of a new main branch for the
Clarington Public Library has significant implications in terms of the tax impact for
operation. There will be increased circulation, staffing and equipment requirements
for the proposed larger facility. The tax impact for operations is in addition to the
tax support of the debenture recommendation. The Library Director estimates a tax
impact to run the new facility at about $300,000.
In order to accommodate the operating tax impact, the Library Director will
recommend to Council increases in the tax impact of annual budgets over the next
few years during construction. Although the tax implications will be put before
Council for approval on an annual basis, it must be noted that proceeding with the
expanded Library building will have a direct impact on the tax base resulting from
operations.
The cost of furniture and fixtures is also a cost not related to the value of
construction and is not anticipated to change under both scenarios. The estimated
value of furniture and fixtures, including computer equipment, is $1 million for the
Library and $50,000 for the expanded Municipal Administrative Centre.
The expansion of the Municipal Administrative Centre is anticipated to have
minimal operational implications, (estimated at $20,000 for utilities etc.), as it will
accommodate the overcrowding situation that currently exists.
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9. CONCLUSION
The report sets out a systematic approach to address the entire issue of the future of
the Bowmanville Main Branch Library. Council should address the various issues in
sequence so that a clear sense of direction can be provided to staff.
Respectfully submitted,
QA4"
Franklin Wu,
Chief Administrative Officer
1212
Oct.18,1999 Schedule A
MUNICIPALITY OF CLARINGTON
SUMMARY
LIBRARY/MUNICIPAL ADMINISTRATIVE CENTRE CAPITAL PROJECT ANALYSIS
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{( g - LIBRARY M.A.C. [Downtown Site] (on LLBO Site]
Note 3 1
Size Sq.Ft. 24,000 16,000 32,000, 20,000
Note 1 Note 2 T—
Land $ - $ - $ 250,000 -
Architect(7%construction) 252,000 168,000 336,000 210,000
Contingency($2001GST3%) 247,260 164,840 288,000. 180,000
Landscape/Site Services(5%) 180,000 120,000 240,000+ 150,000
Construction($150/sq.ft) 3,600,000 2,550,000 4,800,000 3,000,000
,
TOTAL z::::.:."' ..... A...`.. r.. 5AX.
-MA Combined Total-Stand Alone Pro ects
Combined Totals Combined .,. �..... n
Debenture Repayment during Construction
Combined -Stand Alone
COMBINED CAPITAL COSTS Facility '- >` Pro ects
Debenture(rounded total cost) (4,000,000) (3,000,000) (6,000,000)1 (3,500,000)
Reserve Fund for Debenture (1,000,000) (1,000,000)
Working Funds Reserve (786,127) (786,127)
Development Charge Res.Fnd. (186,413) (257,480)
Interest (45,000) (45,000)
Tax Support(In stand alone split 50%each] 255,000 224,743 224,743
Sub Total
�a..r.
Combined Total-Stand Alone Pro ects
COMBINED CAPITAL FINANCING
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Note 1 -land cost for LLBO property is a sunk cost,no additional funds are required for land.
Note 2-Cost of land estimated between$250,000 to$300,000 per acre in core based on recent appraisals.
Note 3-Stand alone Library will require additional sq.feet to accommodate meeting rooms,entrance etc
that are shared in the combined facility.
Note 4-Library Operating costs estimated at$300,000 annually,to be included in annual budget. M.A.C.
operating costs Include utilities only as expansion will accommodate existing staff.
NOTE 5-SINCE LIBRARY DEV.CHARGE HAS A NEGATIVE BALANCE IN THE RESERVE FUND,INTERIM
FUNDING IS REQUIRED-SUGGESTED FROM COURTICE LIBRARY RESERVE FUND,UNTIL
SUFFICIENT CONTRIBUTIONS RESULT IN A POSITIVE BALANCE.
1213
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August 12199 MUNICIPALITY-OF CLARINGTON Attachment#1
LIBRARY MAIN BRANCH CAPITAL PROJECT I MUNICIPAL ADMINISTRATION BUILDING EXPANSION To Schedule A
COMBINED FACILITY
Cost Including Additional Stie Services,MAC Construction
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YEAR ACTIVITY&DETAILS Construction Debenture Details e a e
Proceeds Repayment $ 1,000,000
2000 Architect fees 1 5% 364,105 $ 635,895
Bud et-increase for future debenture payment 50,000 685,895
2001 Budget-increase for future debenture payment 5,000 60,895
March-construction begins estimate 5% 364,105 396,790
—. June 35% 2,548,735 ,000,000 4,848,055
�} Jul -December 101% 726,210 4,119,845
2002 Jan-June 301/6 2,184,630 1,935,215
—�
Budget-increase for future debenture paymentlinterest earn 100,000 2,035,215
March-Debenture Rea ent#1-Interest - - 497,610 1,537,605
-Development Char a Debenture Repayment 93,20 1,630,812
Jul -December T 1 151/6 1,092,315 538,49
Sub-total 7,282,100
December-Debenture Repayment-Principal 497,610 40,886
2003 Debenture Payment#2 Principal&Interest 995,220 954,334
Budget-increase for future debenture paymentAnterest earned 5,000 879,334
Development Char a Debenture Repayment 93,20 786,127
Finance from Workin Funds Reserve 786,12 0
2004 Debenture Pa ment#3 Transfer existing en $730 increased to$902 0
Development Char a Debenture Repayme nt 0
TOTAL 76282.6110 8 72 540 1 914440
SUMMARY EXPENSE/REVENUE FROM 2000-2000
Ex ense Revenue
Construction 7,282,100 Debenture ,000,000
Debenture Payment 1,990,440 Debenture Res.Fnd 1,000,000
Tax Su ort 255,000
Worldng Funds Res. 86,127
Oev.Chr .Pa #1&2 186,413 Note 2
Interest 45,000
TOTALS 9 27 540 9 272 540
Note 2-Since Library Dev.Charge is entering the new D.C.in a negative balance,it is
recommended that the charges be interim financed at no charge by Reserve Fund General
—1--0 i;ti,a,,,n— a—o—Fnnd Contrihutions result in a positive balance.
DN:0bry99 I I I I I I I
October 229 MUNICIPALITY OF CLARINGTON Attachment#2
LIBRARY MAIN BRANCH CAPITAL PROJECT I MUNICIPAL ADMINISTRATION BUILDING EXPANSION to Schedule A
STAND ALONE ANALYSIS
........ ..............
'APr.rAL:PR .................. .x
.........
:X
........ 5914000
. . ...... .......
.......pa-mkoariiark 3,540,000
............
........... 9,454,000
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on n Co
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.299,0 X,
YEAR ACTIVITY&DETAILS Construction Debenture Details
I I Proceeds Re pa ent $ (1,000,000)
2000 Architect fees 1 1 5% 472,700 $ (527,300)
Budget-increase for future debenture payment (50,000) (577,300)
2001 Budget-increase for future debenture payment C75,000) (652,300)
March-construction begins estimate 5% 472,700 _ (179,600)
June 35% 3,308,900 (9,500,000) (6,370,700)
July-December 10% 945,400 1 (5,425,300)
ra
2002 Jan-June 30% 2,836,200. (2,589,100)
Budget-increase for future debenture payrnentAnterest earned 100000 --- (2,689,100)
March-Debenture Repayment#I-Interest - 646,023 C2,043,077)
Developg!ent,Charge Debenture Repayment 12MIS740 (2,171.817)
July-December 15% 1,418,100 C753,717)
I I Sub-total 9,454,000
December-Debenture Repayment-Principal 646,023 (107,693)
2003 Debenture Payment#2 Principal&Interest - 1,292,047 1,184,353
Budget-increase for future debenture p a entMterest earned (75,000) 1,109,353
Development Char a Debenture Repayment (128,740) 980,613
Finance from Working Funds Reserve (786,127) 194,486
ADDITIONAL TAX SUPPORT I- (194 48 -
2004 Debenture Payment#3 Transfer existing payment($730 increased to$902)
Development Charge Debenture Repayment_
ITOTAL 9,454,000 11,038 093 2,584,092
7 1 1 1 i
SUMMARY EXPENSE/REVENUE FROM 2000-2004
QMense aevenue,
Construction 9,454,000 Debenture (9,500,000)
Debenture Pa ment 2584 092 Debenture Res.Fnd (1,000,()00)
Working Funds Res. (786,127)
Dev.Chrg.Pa  (257,480) Note 2
Interest (45,000)
1 Tax Suppport (255,000)
ADDITIONAL TAX SUP (194,486)
Sub-Total Tax (449,486)
TOTALS 12,038,092
Note 2-Since Library Dev.Charge is entering the new D.C.in a negative balance,it is
recommended that the char es be interim financed at no charge by Reserve Fund General
Balance until Library Dev.Charge Reserve Fund Contributions result in a positive balance.