Fiscal Note
In the Adopted 2005 Capital Budget, the total authorized cost of the pool project is $2,500,000, with a maximum City contribution of $500,000, reduced by any pledges received in excess of $2,000,000. Since budget adoption, the anticipated pool capacity and project scope have been expanded, and the total estimated cost of the pool project has increased to $4,125,000. As of February 21 28, 2005, total private contributions and pledges had surpassed $3,275,000 $3,370,000, approximately $350,000 $250,000 below the private fundraising goal. With the additional March 1st pledge of up to $300,000 from the Goodman brothers, the full private fundraising goal of $3,625,000 has been achieved.
This resolution would provide budget authorization for the larger pool project and remove the contingency associated with a City contribution of $500,000. It would further authorize signing of purchase and construction contracts for the full project cost of up to $4,125,000, even if until sufficient contributions and pledges have not yet been received to cover the full $3,625,000 private fundraising goal are collected.
In the event that the full fundraising goal is not achieved, or if unsecured pledges cannot be collected in the future, the City would be contractually liable to complete construction of the pool, and additional budgetary authorization would be required. Based on the cash contributions and enforceable commitment contracts received to date, this additional exposure would be less than $670,000 $600,000. Each cash contribution or enforceable commitment contract received continues to reduce this level of exposure.
Title
SUBSTITUTE - Amending the 2005 Parks Division Capital Budget to increase the authorization for the Goodman Pool project to $4,125,000.
Body
The 2003 Operating Budget established an Ad Hoc Swimming Pool Committee and in July 2004 it began its work to determine the feasibility of providing pools for the City of Madison, including how many pools, possible locations, capital and operating cost projections, possible construction timetables, and fundraising goals and strategies. On June 24, 2004 the City of Madison received a generous donation of two million dollars from Irwin and Robert Goodman to support construction of Madison's first community swimming pool in 2005. A location study included ten sites that were carefully evaluated by the collection of data for the potential service area such as number of children, household income, transportation options, traffic concerns, other swimming options available and site suitability such as soil conditions and floodplain concerns.
There were also extensive public discussions to obtain input from the citizens of Madison through a series of public listening sessions held throughout the city. Following a successful Referendum to allow the inclusion of two parks along Madison's lakeshores, Franklin Field was chosen as the site of the first pool based on the rankings of technical and social data, transportation and political criteria.
A preliminary concept for an aquatic center, with a capacity of 1,000 bathers, was approved by the Ad Hoc Swimming Pool Committee at an estimated price of $4,125,000. Irwin A. and Robert D. Goodman have generously donated a total of $2.5 $2.8 million for the pool. In the 2005 adopted budget, the City of Madison included $500,000 in General Obligation and $2 million in other funding to construct the first pool. An additional community fundraising effort continues and approximately $700,000 over $800,000 has been received in contributions and pledges.
The City has recently named the pool and renamed the park as the Irwin A. and Robert D. Goodman Community Pool in Irwin A. and Robert D. Goodman Park.
NOW, THEREFORE, BE IT RESOLVED, that the 2005 Capital budget shall be amended to increase the amount authorized for the Goodman Pool project by $1,625,000 from $2,500,000 to $4,125,000 to reflect the cost of the desired 1,000 person capacity pool located at the Irwin A. and Robert D. Goodman Park; and
BE IT FURTHER RESOLVED, that the pool project shall be funded by private contributions and a City general obligation borrowing of $500,000; and
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are authorized to enter into an agreement with the Goodman Brothers accepting their additional gift of $500,000 to $800,000 for the pool, in such form as is approved by the City Attorney; and
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are authorized to enter into construction contracts for the full cost of the pool project prior to the receipt of all pledges, and the City Comptroller is authorized to internally borrow from other City funds until permanent financing takes place and sufficient pledges are received for this project; and
BE IT FINALLY RESOLVED, that the Madison Common Council amends the 2005 Capital budget narrative for Project No. 16 in the Parks Division budget to read:
$500,000 GO and $3.625 million in other funding. This project funds the construction of the City's first municipal swimming pool. Other funding is from the Goodman gift and gifts from other organizations, businesses, and residents.