Letter on Suggested Maturities for Recreation Bonds_07.29.1974PAUL D. SPEE12 Q M czale0 Y
PAUL D- SPEER,PRESIOE.l
ELWOOD SARCE
RONALD V-NORENE
THOMAS R- HAWKINS
JOHN W-ILLYE5,JR-
THOMASE.CGUGHLAN
THEO-KUNZ
LAWRENCE J-RIMMER
WATERLOO, IOWA 50703
319-235-7669
Mr. Gilbert D. Chavenelle
City Manager
City Hall
Dubuque, Iowa 52001
MUNICIPAL FINANCE CONSULTANTS
PO L/i,ozd 6%1.rlrvivaw
V, �� 60606
AREA 2H2 - FINANCIAL 6-0558
July 29, 1974
Dear Gil:
Enclosed herewith is table of suggested maturities which I have
prepared pursuant to your request on the telephone this morning.
Please note the various millages based upon the gross assess
one this morning. My
youvote amillagefor your $2,500,000 Recrea-
tion me r the Bonds of three and one-half mills.. This it seems to me will cover
almost any conceivable contingency including
7%interest
rate and is of
net assessed valuation after deducting property exempted
$114,428,570• It doesn't seem likely that the exempted property would
bring it down at year ineincreasent gingetheut no amountnwhichwmayhat the be exemptedby
affidavit,
may do next y person.
affidavit, which I believe is presently $2,800 per p
My guess would be that the present interest rate would be be-
tween 5 3/4% and 5.95% with the chances being good for lower than that.
Please keep us fully informed as to what steps you take and what you use
in your ballot.
Best regards,
resident
PAUL D. SPEER & Asso iates, Inc.
PDS:mj
Enclosure
cc: Mr. Lyman L. Mitchell (w/encl.)
Mr. R. N. Russo (w/encl.)
FIVE FLAGS CIVIC CENTER -- ICE FACILITY
--------------------
A. THEATER RENOVATION-------_—_
Exterior Restoration $ 85,579.00
Bid 5,135.00
Architects' Fee $ 90,714.00
474,767.00
2. Interior Renovation
$
186,530.00
Construction
9,327.00
Contingency
18 196.00
Architects' Fee
$
214,053.00
3. Equipment
$
160,000.00
Equipment
10 000.00_
Consultants` Fee
$
170,000.00
------------
-----r
____---__-__
$
1,543,176.00
B. EXHIBITION HALL -------`-----------
New Construction, including lower
$
1,086,375.00
level and level two
50,000.00
Equipment
100,000.00
Land
49 , 569.00
Contingency
80,000.00
Administrative Expenses
79,232.00
Estimated Fee
98 000.00
Multi Media
--------------
$
1,298,830.00
C. ICE FACILITY ----- -
----
_ $
55,000.00
D . BRIDGE -------------------------------
--
—'-----------
_____
$
125 000.00
E. PARKING (WEST) --------- ----- —--- —---- --
--------
_----
$
3,496,773.00
TOTAL FIVE FLAGS CIVIC CENTER y
ICE FACILITY -------'-
RESOURCE POTENMI,
$ 1,000,000.00
A. Private Funds
2,500 000.00
B. Bond
TOTAL RESOURCE POT&`tTIAL----- -- ----- -- $ 3,500,000.00
Revised 7/22/74
FIVE FLAGS CENTER
ESTIMATED COSTS
East Half of Block
Option Architect's Estimate
A partial restoration and $ 1 280 538
Phase One New Construction (1)
B partial restoration with added 772 292
levels and audio visual center (1) $ 1
C Full restoration with Option B (1) $ 2,071,834
RES_ OURCES
$ 720,534
private Pledges to Date
Grant from Iowa American Revolution 5,000
Bicentennial Commission
Grant from Department of Interior 2_— 5—ADO
TOTAL Resources to Date
$ 750,534
Phase II Local Campaign Goal
250,000
Phase II Dion -Local Private and 300 000
Governmental Participation
$1,300,534
TOTAL Resources
* TIME SCHEDULE
Exterior Restoration Bid Date
Purchase of Half Block
Exterior Restoration Work Starts
Phase II Campaign
New Construction and Partial
Interior Restoration Bid Date
Exterior Restoration Work Completed
New Construction and partial Interior
Restoration Completed
Open for Occupancy
Dedication of Completed Facility
Full Block
(2) $ 1,414,533
(2) $ 1,906,292
(2) $ 2,205,834
February 28, 1974
April 1, 1974
April 1, 1974
April -May, 1974
September 3, 1974
December, 1974
August 1, 1975
September 2, 1975
Early 1976
$2,500,000 Dubuque, Iowa Recreation Bonds
$115,803,981 - 1973 A.v.
Dated Nov. 1, 1974
Interest-
@ 6%
5-1-75 $ 75,000
11-1-75 75>000
5-1-76 75,000
5-1-77 141,000
5-1-78
5-1-79
5-1-80
5-1-81
5-1-82
5-1-83
5-1-84
5-1-85
129,000
114,000
99,000
84,000
69,000
54,000
36,000
18,000
5969,000
Due May 1, 1976 -1985
Principal Levy Year Mills
$ 150,000
$ 375,000
1974
3.24
200,000
341,000
1975
2.94
250,000
379,000
1976
3.27
250,000
364,000
1977
3.15
250,000
349,000
1978
3.02
250,000
334,000
1979
2.88
250,000
319,000
1980
2.76
300,000
354,000
1981
3.o6
300,000
336,000
1982
2.91
300,000
313,000
1983
2.75
$2,500,000
$3,469,000
Paul D. Speer & Associates, Inc.
July 29, 1974
PDS/jn cover a on
Four Mills will Three and�onethalftmills will coverrate on a net assessed
ee a7%interestlf
rate
$100,125,000=.
on a gross assessed valuation of $115,803,981-