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ITEM: A. AMENDMENT NO. 2 TO COMPREHENSIVE AGREEMENT FOR THE DESIGN, DEVELOPMENT, CONSTRUCTION AND OPERATION OF WELLINGTON COMMUNITY PARK
B. AUTHORIZATION OF BOND COUNSEL ENGAGEMENT FOR WELLINGTON COMMUNITY PARK PROJECT
REQUEST: Council approval of and direction to: A) execute Amendment No. 2 to Comprehensive Agreement for the Design, Development, Construction and Operation of Wellington Community Park to address revised scope, modifications to framework for the bond issuance and financing, and demolition of existing facility; and B) authorize engagement of Bond Counsel for the Wellington Community Park Project.
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EXPLANATION: The Wellington Community Park Improvement Project is proposed to be funded by Village of Wellington revenue bonds with a 30-year maturity payable via a covenant to budget and appropriate lawfully available governmental revenues except ad valorem revenues and equity contributions from Wellington Athletics. The primary revenue repayment source is planned to be the annual license fee of the financed facility. However, all lawfully available governmental revenues except ad valorem revenues are considered in the credit analysis.
The following considerations for the proposed bond issuance will require amendments to the Comprehensive Agreement:
1. Provide for approval of the form of the construction contract by Wellington and further provide that Wellington shall approve all change orders. (Art. 7)
2. Revision of Project Scope - the total construction costs of $33,657,211 is for Phase I. The softball field and the Multi-Use field are included in Phase II, (Conceptual Plan and Exhibit C Program Schedule).
3. Clarify that Wellington is responsible to fund the site work necessary to make the site construction ready, but not to perform the work (Art. 9).
4. Wellington Athletics proposes to make the interest payments on the debt upon issuance with no capitalized interest from their equity contribution, (Article 16.1).
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