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Financial Services Director Ponty discussed the reserves and the types of reserves the funding might come from. He stated the City could be the lender and loan money to a private developer coming from General Fund reserves or use tax exempt bonds. One additional alternative determined since the report was published was that the City could issue taxable bonds freeing the need to work with a nonprofit, but still may have issues of whether that interest rate would work or not. The most likely source for funding would be the General Fund and the anticipated pay back period on the loan is a 20 -year amortization schedule. Max Keech thanked City Manager Everett and staff members Julie Hannon, Kristen Anderson and Brian Ponty. He stated one of the key issues is whether it is financeable. The site currently takes access as the hotel site does, through Pico Boulevard, which has no utility service. Better access was proposed to be by building an access and future extension from Twin Dolphins Drive by taking a bridge across the slough in the back together with sewer, water, storm drain, gas, electric, etc. provided. Mr. Keech explained in detail his proposal utilizing overhead maps. A maximum 10,000 square foot building with 15,000 square foot fenced outdoor space, 20,000 square feet of improved public access for BCDC and parking. The facility would legally service up to 180 children and a minimum of 150- 160 children. The key elements of the proposal are a land lease of 49 years with a renewal option, a reuse restriction to guarantee a 160 -child facility. Council questions included maximum amount of childcare slots possible on any of prior sites. Public Comment Pat Dixon stated the issue of traffic has not been mentioned. Unless through Pico Boulevard there will be a substantial traffic impact. Rosanne Foust stated she has been involved in the Task Force for last 13 months. She stated she appreciates the involvement of staff and Council and stressed the strong need in the County. She stated 4% of infant care is currently being met, 57% of the preschool and below age 5 is being met and recognizes the economics of the project. She is interested in hearing comments, questions and concerns. Vice Mayor Claire mentioned other sites are available and asked where the Task Force stands on the proposed project. Ms. Foust stated there were three representatives of the HOA directly adjacent to the fire station, two of which were board members of the HOA who strongly oppose that location for the project. She further stated that both positive and negative comments toward the fire station site have been made and that the HOA is open to a community meeting between the Task Force and the residents of the Sandpiper Lagoon development. REGULAR COUNCIL MEETING NNE 26, 2000 MINUTES PAGE 7 MINUTES Book No.58 Page NO. 146