Fiscal Note
Neighborhood Center: The costs related to the Meadowood Neighborhood Center expansion into the former Meadowood Library space of 5,940 square feet are estimated to total $66,825 in 2014. These costs include $7.35 per square foot for the base rent, plus $3.90 per square foot for maintenance expenses, insurance and taxes. The further expansion to occupy an additional 40% to 50% of 3,138 square feet of proposed shared, “common” space with the Library, is estimated to cost between $14,000 (@ 40% occupancy) and $18,000 (@ 50% occupancy). Therefore, in total, the estimated cost for leasing and maintenance expenses for the Meadowood Neighborhood Center in 2014 ranges from $80,825 to $84,825. Thereafter, annual rent payments will increase by 2% yearly. The 2013 adopted budget of CDD provides current funding of $71,850 in support of the Meadowood Neighborhood Center, so an additional annual appropriation of $9,000 to $13,000 over and above the base budget will be required to cover the leasing costs. This funding will need to be allocated among the variety of other programs that compete for City financial support. In addition to the leasing costs, the CDD contracts with a private company for interior janitorial services. Current annualized costs for the janitorial services are estimated at $4,040.
Library: The costs related to the Meadowridge Branch Library expansion into the former hardware store space of 8,487 square feet are estimated to total $95,480 in 2014. These costs include $7.35 per square foot for the base rent, plus $3.90 per square foot for maintenance expenses, insurance and taxes. The further expansion to occupy an additional 50% to 60% of 3,138 square feet of proposed shared, “common” space with the Neighborhood Center is estimated to cost between $18,000 (@ 50% occupancy) and $22,000 (@ 60% occupancy). Therefore, in total, the estimated cost for leasing and maintenance expenses for the Meadowridge Branch Library in 2014 ranges from ...
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