ShorelineMarina Highlights 2011 0705

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years 6 through 10, 50 percent would go to the General Fund. After the 10 year period the entire TOT amount would go into the General Fund. Councilmember Souza asked how service costs to the new development would be funded such as Police and Fire Department staffing. Manager Battenberg replied that property tax and sales tax generated by the development would go to the General Fund to pay for those services. Projections of the property and sales tax revenue stream to go to the City will be provided to the City Council in the future. Councilmember Starosciak asked if the Marina Inn and the golf club revenue are included in the projections. Manager Battenberg explained that the projections are only for the Harbor Division of the Shoreline Enterprise Fund. The Golf Course and Shoreline Divisions which generate approximately $500,000 annually are not included in the analysis. Councilmember Starosciak clarified that the estimated annual difference between the two alternatives was approximately $900,000 per year. The net cost of the Marina Park option would be, on average, a negative $550,000 annually versus the Aquatic Park option which would net, on average, a positive amount of $340,000 annually. Mr. Miller added a marina will always require ongoing dredging. Councilmember Prola asked if the financial feasibility analysis presumed any Federal funding since there is a Federal Channel that leads to the harbor basin. Director Bakaldin replied negative because there are no assurances or signs that there will be any available Federal funding. He cited that at the present time the U.S. Army Corp is not funding dredging of recreational channels and harbors. Councilmember Starosciak asked if it was possible to give the Marina Park option a chance, perhaps 10 years, and if funding sources cannot allow it to continue, change course to the Aquatic Park option. Mr. Miller replied that would be an expensive alternative to dredge for the boats and to construct capital improvements for the project and then construct the other alternative. Councilmember Prola asked if there would be any further dredging after the initial dredge for the Aquatic Park alternative. Director Bakaldin replied that in the Inner Basin Alternatives study by ESA, the Aquatic Park design and construction was to be self - sustaining with the tides, thus dredging would not be necessary after the initial one. Councilmember Starosciak asked when the new library building would be constructed. Manager Battenberg replied between Phases 1 and 2. The exact timing has not yet been considered. An assumption is that there would be temporary library if construction displaces the existing building. Manager Battenberg clarified that the Committee's meeting was for information only and that no action was necessary. Councilmember Starosciak asked that the highlights of this Committee meeting be distributed to the City Council in their July 18, 2011 agenda packets.