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401 Hillcrest Drive and Historical Janss House July 11, 2000 Page fi Financing Concepts The approved FY 1999-200012000-2001 capital improvement budget includes a total of $4,000,000 for 401 Hillcrest Drive -North Building Improvements as follows: FY 1999-2000 FY 2000-2001 401 Hillcrest Drive -North Building $2,000,000 $2,000,000 In terms of Conejo Recreations and Parks funding, the Wilbur Road building is held in fee by the Park District, and the District anticipated that the proceeds from the sale of that asset would be available for improvements associated with the remodeled facility. This project would qualify for debt financing using the Public Financing Authority and issuing additional certificates of participation (COP). Additionally, another option is to consider refinancing the existing 1994 COP if the interest rates are low enough. Currently, the $4,000,000 budget for the 401 Hillcrest Drive capital project is included in the City's General Fund capital projects reserve. Issuing certificates of participation is an alternative to using capital project reserves, freeing up resources for other projects, or making available additional resources to complete the entire 401 Hillcrest project. SUMMARY: After assessment of above information, the benefits of relocating CRPD administrative offices and community uses to 401 Hillcrest are as follows: * Operation of the facility as a multi -use public building could be accomplished with existing staff resources that are housed at two facilities. Additionally, through proper design, the expansion of community-based cultural and educational programs would be possible. • Building is protected as a historic property. 0 The visibility of the local historical Civic Center Building is ideal for attracting visitors, participants, and audiences due to the Hillcrest Drive location. • Location of Conejo Recreation and Park District arts -related activities is a compatible use with the National Park Service operation. 0 Makes available additional community meeting facilities.