Item 15 - Early Direction for the Fiscal Year 2025-26 Budget

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Early Direction for the Fiscal Year 2025-26 Budget March 18, 2025 Page 4 28 Civic Center Plaza Last year the City acquired 28 Civic Center Plaza from the state. The acquisition is part of a long-term plan to redevelop the Civic Center, potentially with a public -private partnership. The plan becomes more feasible as the City acquires ownership of a larger section of contiguous land in the Civic Center. The building at 28 Civic Center Plaza is in poor condition and the City will need to demolish it. As part of the acquisition, the City received money from the state. After the acquisition cost, $4.3 million is still available for the demolition, which must be used by December 2025. Coincidentally, the county also wishes to demolish the Plaza of the Fountains, adjacent to 28 Civic Center Plaza and owned by the county. The City has received cost estimates to demolish both 28 Civic Center Plaza and the Plaza of the Fountains. Demolishing both structures at the same time is more cost effective, as the contractor could remove the Plaza of the Fountains first and have better access to remove 28 Civic Center Plaza. Without the improved access, the project to demolish only 28 Civic Center Plaza would have some logistical issues resulting in increased cost. The demolition estimates follow. 28 Civic Center Plaza with Plaza of the Fountains $14,481,382 28 Civic Center Plaza $14,872,868 Plaza of the Fountains $5,947,827 In either case, the City has a significant funding shortfall. The City has several options: • Wait until the City has identified full funding for the demolition project and request a time extension from the state for expenditure of the $4.3 million. • Work with the existing budget of $4.3 million to demolish only the interior of 28 Civic Center Plaza, leaving behind a shell building until more funding can be secured. • Negotiate with the County to transfer ownership of Plaza of the Fountains and use the existing budget to demolish only the Plaza. Staff seeks City Council direction regarding demolition of 28 Civic Center Plaza. Bristol and Edinger Parking Lot The Bristol and Edinger Parking Lot serves as a venue for community events, including the popular Friday Night Munchies. To improve usability and support future events, a proposed $250,000 investment would fund necessary upgrades, which may include, but are not limited to painting the fence, addressing gates, upgrading lighting, overlaying and striping the parking lot, and conducting minor landscaping improvements. As a result of these improvements, this would allow the City a revenue generating venue. Currently, events like Friday Night Munchies pay approximately $51 per event under the