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• 2.3 Budget <br /> 2.3.1 Revised and New Architect Renderings <br /> Following discussion, the Committee agreed to a budget of$2,000 for each of to each of <br /> the four selected architects for renderings. ($8,000). This item will be returned to the <br /> City Council as a whole for consideration at their January 16, 2003 Regular City Council <br /> Meeting. <br /> 2.3.2 Communications to Residents (mailings, web site) <br /> Following discussion, the Committee agreed to budget of $12,000 for mailings and <br /> website enhancements This item will be returned to the City Council as a whole for <br /> consideration at their January 16, 2003 Regular City Council Meeting. <br /> 2.3.3 Construction Cost Estimates for Various Designs <br /> The construction cost of the new Town Hall was of significant interest to the public <br /> during the last project. Costs will be closely watched and revisited to ensure the project <br /> is constructed within budget spending constraints. <br /> 2.4 Financing of New Town Hall Budget <br /> • Councilmember O'Malley distributed a cost category analysis of the previous Town Hall <br /> Project. He noted for the members that if the earlier budget had been reduced by cost <br /> saving measures: i.e., reduce the footprint to less than 7100 square feet, reduce the height, <br /> use less expensive materials, the savings would not have been substantial. The projected <br /> expense was roughly $5.1 Million and with the modifications, the cost would be <br /> approximately $4.8 Million. Councilmember O'Malley expressed his desire to set <br /> spending restraints, adding that a less costly design is not the solution to reducing <br /> substantially the cost of a new Town Hall. <br /> Councilmember O'Malley outlined the Town's finances and discussed the alternatives for <br /> financing a new facility. There is approximately +/- $6 Million available in the General <br /> Fund to build the new Town Hall. There is a concern over the State's budget deficit and <br /> its impact on the Town. It is prudent to keep one year's worth of expenditures as reserve <br /> for emergencies. O'Malley added that he would favor long-term financing for either part <br /> or the entire project. <br /> 2.5 Committee Assignments <br /> PASSED BY ACCLAMATION: To elect Councilmember Kerr as Chairman and Al <br /> Waley as Vice Chairman of the Committee. <br /> The Architectural Subcommittee of Kerr, Radford and Downey was established. Their <br /> primary charge is to contact architects for the initial style renderings. <br /> • <br /> 3 January 14,2003 <br /> Special City Council Meeting <br />