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CITY OF LA PORTE <br />INTEROFFICE MEMORANDUM <br />TO: Mayor and City Councils <br />FROM: Robert T. Herrera, City Manager <br />a7� <br />DATE: July 16, 1990 <br />SUBJECT: Recommended funding of new Wellness/Multi-Purpose Center <br />The council in past goal setting sessions has indicated a high <br />priority of the City should be the relocation of our senior citizen <br />program from its current location. The current location offers no <br />growth, is deficient in parking and operates on a second floor. <br />To meet their growing needs a new facility must offer a solution <br />to these concerns and short comings. <br />Rather then simply attempt to build a new home via the avenue of <br />seeking a grant or issuing new debt - the concept of combining the <br />needs of our seniors program with the approved 1985 Bond Issue for <br />a gymnasium made good fiscal sense. Thus by being proactive and <br />focusing on the big picture we are able to plan a facility that <br />should meet the diversified needs of the entire La Porte community. <br />In order to build the proposed Wellness/Multi-Purpose Center a <br />total of $2.3 million is needed. After careful consideration, I <br />offer the following financial plan to accomplish a desired goal. <br />This plan is "do -able" because we have worked very hard in the last <br />three and a half years to develop a strong financial condition. <br />Recommended Action Plan <br />(1) Street and alley closings $ 448,979 <br />(2) Settlement of lawsuit (Tinker/Lovelace) $ 249,666 <br />(3) 1985 unallocated G.O. Bond Interest $ 175,000 <br />Subtotal $ 873,645 <br />(4) Issuance of 1985 - approved but unissued <br />unissued G.O. Bonds $1,500,000 <br />$21373,645 <br />Attached please find the Director of Finance's observations and <br />support in the identification of potential funding sources to make <br />the recommended financial plan acceptable. <br />