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Home My WebLink About04/09/2024 05. Update on funding options for MLK Jr. Park Eastside Pool Project 1 oU5'fl s^ ,. a, BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No. 5. For Meeting of:April 9, 2024 ITEM TITLE: Update on funding options for MLK Jr. Park Eastside Pool Project 2745 SUBMITTED BY: Rosylen Oglesby,Assistant City Manager *Ken Wilkinson, Parks and Recreation Manager Bill Preston, City Engineer SUMMARY EXPLANATION: The City of Yakima (City) approved an Agreement with NAC Architecture (R-2023-010)on the Aquatic Pool Design for the MLK Jr Park Eastside Pool Project 2745. The City shall discuss possible funding options. ITEM BUDGETED: NA STRATEGIC PRIORITY: Public Trust and Accountability APPROVED FOR SUBMITTAL BY THE CITY MANAGER RECOMMENDATION: Public Trust and Accountability- Discussion only. ATTACHMENTS: Description Upload Date Type a . ...,, \ c „„ .._, f. „ (7.--Iiiis.—v___:: r.t,..- No....)--, %, .. . \....,, ..„..,,,,, r• -. V — , . �. a ti =Hi-rr'07'. , it --- % PROJ Ill ECT STAT • AQUATIC CENTER . .. , :� ,,.. AT MLK, JR. PARK w '_ n.,,L.,.. 1, 1 • PAD 1 yam, .3 ++ City Council Study Session April 9, 2024 OVERVIEW This presentation is to give a project status update on the Aquatic Center at Martin Luther King , Jr. Park and discuss revenue and expenditure decisions. Pg.2•City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 PRELIMINARY BUDGET • Costs • Estimated a budget of $ 11 million • $1 million for design • $10 million for construction, permits, FFE, etc. • Revenues • Secured Funds - $4 million • City of Yakima: $3 million • State of Washington: $1 million (design & construction documents) Source:City Managers Memorandum RE:MLK Jr.Park Swimming Pool—Scope, Schedule, Budget dated February 22, 2023. Pg.3• City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 (141 PRELIMINARY BUDGET (continued...) • Revenues • Unsecured but requested State & Local Funds - $5 million • State of Washington CIP: $2 million • Yakima County: $3 million • Federal Grants - $ 10 million (unsecured) • National Parks Service: $5 million • Congressionally Directed Spending: $5 million • Private Funds - $4 million • Donations • Tamaki Foundation: $30,000 ($10K annually for three years) • Hire a professional fundraiser for the community capital campaign Source:City Manager's Memorandum RE: MLK Jr. Park Swimming Pool—Scope, Schedule, Budget dated February 22, 2023. Pg.4•City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 REFINED REVENUE ASSUMPTIONS Project Costs: $11 Million • Design - $ 1 million • Washington State Grant • Construction - $7. 1 million • City of Yakima: $3 million • State of Washington CIP: $1 . 1 million • Yakima County: $3 million • Private Funds - $3 million • Donations • Tamaki Foundation: $30,000 ($10K annually for three years) • Hired a professional fundraiser for the community capital campaign Pg.5•City Council Study Session • Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 BID SUMMARY BID SUMMARY CHERVENELL FOWLER GENERAL City of Yakima CONSTRUCTION CO. CONSTRUCTION,INC. Aquatic Center at MLK Jr.Park Kennewick,WA Richland,WA City Project No.2745 '.ITEM BID SECURITY 5%BID BOND 5%BID BOND NO. - ITEM QTY UNIT UNIT PRICE AMOUNT UNIT PRICE AMbtlirT UNIT PRICE AMOUNT 1 BASE BID 1 LS 58,800,000.00 $8,800,000.00 $8,842,000.00 $8,842,000.00 WA ST.SALES TAX(8.3%) $730,400.00 1733,886.00 • TOTAL(INCL.TAX) ,'�9,530,400.00 $9,575,886.00 I_ ; 2 ALTERNATE NO.1-ACTIVITY TOWER AT POOL A 1 ` IS- $210,000.00 $210,000.00 _ $200,000.00 $200,000.00 WA ST.SALES TAX(8.3%) $17,430.00 $16,600.00 ALT 1 NOT AWARDED TOTAL(INCL.TAX) $227,430.00 $216,600.00 3 ALT.2-SLIDE TOWER&DUAL RUNOUT SLIDES FOR POOL B 1 LS $970,000.00 $970,000.00 $931,000.00 $931,000.00 ___ WA ST.SALES TAX(8.3%) $80,510.00 $77,273.00 TOTAL(INCL.TAX) 05O,510.00 51,068,27 "� - tee— - 4 ALTERNATE 3-DROP SLIDE IN POOL B 1 LS $184,000.00 $184,000.00 $123,000.00 $123,000.00 WA ST.SALES TAX(8.3%) $15,272.00 $10,209.00 ALT 3 NOT AWARDED TOTAL(INCL TAX) $199,272.00 $133,209.00 GRAND TOTAL(BASE+ALTERNATE 2) $10,580,910.00 $10,584,159.00 . Source: City Engineers Report, Bid Summary, City of Yakima,Aquatic Center at MLK, Jr. Park, City Project No. 2745, dated March 20, 2024. Pg.6•City Council Study Session• Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 Ct) COST OF PROJECT • Construction - $10,580,910 • Includes Base Bid & Alt. Bid # 2 - Large Water Slide • (Drop Slide and Activity Center to be added if additional funding is secured) • Design - $1 ,000,000 • Permitting - $35,000 • Construction Materials/Testing - $ 35,000 - $45,000 • Construction Management - $306,915 • Contingency - $400,000 Total - $ 12,367,825 Pg.7•City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 REVENUE RECEIVED • City of Yakima - $3.3 million • Construction Management — REET: $306,915 • Permits - $35,000 • Yakima County - $ 3 million • WA State Legislative Grant - $2.2 million • Construction 2023 - $1,125,200 • Construction 2024 - $ 75,000 • Design - $1,000,000 • Donations - $1 .03 million of $3.0 million • $35,000 - $40,000 Construction Materials & Testing • Community Campaign/YVCF - $1 ,031 ,357 — (as of 4.05.2024) TOTAL: $9.6 million Pg.8•City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 FUNDING CHALLENGES • Budget Shortfall (after BID) • $540,393 • Contingency • $400,000 • Donations - uncollected • $1 ,808,960 • 2024 Pledges - $ 940,626 • 2025 Pledges - $ 613,334 • 2026 Pledges - $ 255,000 TOTAL: $2.8 MILLION Pg.9 •City Council Study Session•Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 FUNDING GAP $12,000,000-00 $10,000,000 00 $8,000,000.00 G a p $6,000,000 o0 $4,000,000 00 $2,000,000.00 $- 2024 2025 2026 -MLK Pool Revenues -MLK Pool Expenses Pg.10•City Council Study Session • Project Status:Aquatic Center At Martin Luther King,Jr.Park•April 9,2024 WHAT DOES THAT MEAN • Budget Deficit: $940, 393 • Shortfall: $540,393 • Contingency: $400,000 • Donations are expected to come in through 2026 • Funding Gap starting in 2025 • Cash Flow Problem Pg.11 •City Council Study Session• Project Status:Aquatic Center At Martin Luther King,Jr.Park •April 9,2024 Cti) Ii