HomeMy WebLinkAbout02. Discussion of Potential Funding for Capital Facility Imprvs for Downey YMCA and CMSC 2nd Building ExpansionYMCA Funding Discussion
•Direction at the City Council meeting of April 23, 2024 to agendize conversation.
•Prior Council action: Waiver of payment of City fees amounting to $296,081.
•Requested amount for consideration: $1,000,000 over 3 years.
•YMCA Funding:
•Project Total: $20,682,065
•Total Secured: $12,343,294
•Funding Gap: $8,338,771
City Project Funding –CMSC Expansion
•City Space Center Expansion Project also needs funding
•City Project Funding
•Project Total:$34,000,000 –Phase 1(Building and Shuttle Restoration)
•Total Secured:$13,500,000
•Funding Gap:$20,500,000
Potential Solution
•If interest in proceeding, Staff recommends annual consideration of $333,333
•Unknown conditions within each future year budget
•Not an operational expense but allocation from onetime projects.
•City Hall Renovation Project current balance: $2,891,116.
•YMCA Facility: $333,333.
•Space Center expansion: $333,333.
•Show importance of both projects.
•New renovation budget: $2,224,450 –adequate for current needs.
Staff Recommendation:
•That the City Council:
•Discuss and provide direction to staff regarding funding for the YMCA and
Space Center Projects.