HomeMy WebLinkAboutC.054.93009_2047rental would cost $52,272.00. The purchase cost is $32,545 and there is a $5900 charge for
maintenance after the first year. The total cost would then be $38,445.
DISCUSSION OF CAPITAL IMPROVEMENTS AND DISTRIBUTION OF
AMORTIZATION SCHEDULE FOR $9 MILLION LOAN: The county manager said he had
reviewed the capital improvement plan presented to the board on January 30, 1999. The sheriff's
department has expressed an interest in the EMS Building on Tradd Street. If the narcotics section
of the sheriff s office could occupy the EMS Building, the Bondurant Building would then have
vacant space. Probation and parole offices could move into the Bondurant Building thereby saving
on rental costs. Family court could be based in the top floor of the Agricultural Building and the
Register of Deeds could utilize the bottom portion. The clerk of court could then expand into the
present Register of Deeds' office area. Mashburn said that all of the relocations were contingent
upon the library vacating the present Water Street building.
In reference to the county borrowing money for the capital improvements, Mrs.
Blumenstein shared amortization schedules using both 10 year and 15 year pay -back periods. Using
current interest rates, a $9 million loan for 15 years would cost approximately $4,159,345.50 in
interest. A ten-year loan would cost 2,683,259.40 in interest. Commissioner Stewart asked what
penalty the county would suffer if the loan was paid off early. Blumenstein said it depended on
which lending institution was used, but there would be an early payoff fee associated with all banks.
Blumenstein said a reimbursement resolution for the proposed $9 million loan could be
brought to the next regular meeting of the board (February 16, 1999). She said the Boggs Building
purchase amount ($275,000) had already been budgeted along with the renovation costs ($125,000).
Mashburn said the design work for the new Agricultural Building needed to be done as soon
as possible.
ADJOURNMENT: Chairman Haire adjourned the meeting for a refreshment break at 6:20
p.m.
APPROVED: /
File: Briefing Minutes of February 2, 1999
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Clerk -to the Board