File #: 2024-231   
Type: Administrative Item Status: Passed
In control: Board of Commissioners
On agenda: 7/9/2024 Final action: 7/9/2024
Title: Project Budget and Financing Plan for Metro Square Building Systems and Waterproofing Construction Project
Sponsors: Property Management
Attachments: 1. 2024 Metro Square Building Systems Project Budget & Financing Plan, 2. Reimbursement Resolution, 3. Resolution

                                                                                                         

Sponsor: Property Management

 

Title

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Project Budget and Financing Plan for Metro Square Building Systems and Waterproofing Construction Project

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Recommendation

recommendation

1.                     Accept and approve the project budget and financing plan for the Metro Square Building Systems and Waterproofing Construction project in an amount up to $19,000,000.

2.                     Authorize the County Manager to transfer up to $5,000,000 from Property Management fund balance to the Metro Square Building Systems and Waterproofing Construction project budget for project activities.

3.                     Authorize the County Manager to transfer up to $4,000,000 from bond interest and premiums to the Metro Square Building Systems and Waterproofing Construction project budget for project activities.

4.                     Authorize the County Manager to allocate and transfer up to $10,000,000 from the 2025 Capital Improvement Program budget to the Metro Square Building Systems and Waterproofing Construction project budget for project activities.

5.                     Authorize the County Manager to account for the Metro Square Building Systems and Waterproofing Construction project as a budgeted project in Property Management.

6.                     Approve the attached resolution authorizing reimbursement of expenditures with the proceeds of bonds.

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Background and Rationale

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Property Management is completing several interior renovation projects at Metro Square to improve both resident and employee experience. The downtown Service Center will be expanded on the second floor. A new CareerForce center will also be constructed on the second floor. Workplace renovations on multiple floors are underway with the goal of providing county employees - those currently at Metro Square and those moving to Metro Square from the East Building - with updated and  enhanced office and amenity spaces in accordance with the county’s Flexible Workplace Policy and Workplace Standards. Currently all interior renovations are schedule to be completed in 2025.

 

To ensure the building meets the needs of this increased county occupancy for the future, building system modification and waterproofing work needs to be completed. Portions of the façade on the north side of the building will be removed to facilitate the work and replaced upon completion of the project. The project includes excavation of the parking area adjacent to the building to allow for necessary repairs and the addition of new waterproofing to the exterior wall. The existing underground fuel tank in the parking area will be removed and replaced with a new fuel tank installed on lower level. To enhance access and egress to fifth floor, one stairwell will be extended from fourth to fifth floor with other code required improvements. During the project, temporary walls will be installed on the north side of all floors to isolate the construction from occupied office areas.

 

The project involves considerable work into 2025 and significant expense. The project will be funded through a number of sources including Property Management Fund Balance, bond interest and premiums and 2025 Capital Improvement Plan (CIP) resources. The county expects to incur certain expenditures that may be cash flowed temporarily from sources other than bonds. Approval of the reimbursement resolution allows the county to use proceeds from 2025 tax-exempt bonds to reimburse prior expenditures. 

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County Goals (Check those advanced by Action)

       Well-being             Prosperity                 Opportunity                 Accountability

 

Racial Equity Impact

The racial equity impact of this project is unknown. The project will include workforce inclusion goals of 32% minority and 20% women, as well as a goal of utilizing 32% certified small businesses (SBEs) found in the Central Certification (CERT) Program directory recognized by the county as the acceptable source for SBE subcontractors and suppliers in conformance with the county’s approved policy on workforce inclusion and contracting goals.

 

Community Participation Level and Impact

There is no community engagement associated with this action.

  Inform              Consult                                 Involve                      Collaborate        Empower                     

 

Fiscal Impact

Funding, up to $19,000,000, is requested for this project. In collaboration with Finance, the following three funding sources will be utilized:

$5,000,000 from Property Management fund balance

Up to $4,000,000 from bond interest and premiums

Up to $10,000,000 from the 2025 Capital Improvement Program budget

 

The county expects to incur certain expenditures that may be cash flowed temporarily from sources other than bonds. Approval of the reimbursement resolution allows the county to use proceeds from 2025 tax-exempt bonds to reimburse prior expenditures.  Allocation of the 2025 bonds will occur during the 2025 budget process.

 

 

Last Previous Action

None.

 

Attachments

1. 2024 Metro Square Building Systems Project Budget & Financing Plan  

2. Reimbursement Resolution