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Attached for the Board's information are floor plans indicating the expansa <br />ion work to be performed. <br />site plan showing site improvements as approved by the <br />included to see the proposed results of the outside building envelope once construction <br />Cityis completed. <br />of Sebastian, and elevations are <br />• Funding Issues: The cash shortfall found within the North Coun <br />when the results of bids are received. The identified shortfall in total appears <br />ry estimate may disappear <br />approximately $21,000. If the bids come in under the estimate b <br />that short fall would be washed out by available cash that would be available fohe tw e <br />y that amount or more, then <br />Projects combined. If however, the bids come in higher <br />as to trimming the project(s) to accommodate then decisions will have to be made <br />the bids. <br />Another issue that needs to be resolved is the temporary shortfall of cash flow that results from the <br />anticipated funds from the bequests that have vet to be forwarded to the County <br />recall that there was anticipated $683,000 that would come to the library <br />sixth of two million dollars would be received from the Ruth Hallstrom Bequest Board may <br />S370.000 form the Lewis Stanleysystem. Approximately one - <br />Whitaker Bequest. pproximately <br />We have already received S171,131 from the Whitaker Trust in the form of a S15Q000payment <br />the rest having been interest payment. Another share of a <br />June 1, 2001. Around December of 2001 we anticipate the final sharelbeingo cei000 isexpecteds <br />ee ped ddbefore <br />be <br />approximately S50,000. <br />With regard to the Ruth Hallstrom Bequest, we are expected to receive 1,000 shares of Sun Trust <br />expected to be worth approximately $67,000. <br />This dispersal is expected to occur in the near future. <br />The remaining share will be dispersed upon a review by the IRS of the estate tax return. It has been <br />estimated that those funds could be released as early as the end of this summer. <br />What this means is that the Board would have to advance the necess <br />receiving the release of the funds from the two bequests. <br />ary cash to offset the delay in <br />RECOMMENDATION: <br />The designs for the two library additions <br />budget atter design is still relative close <br />now complete. With a determination that the estimated <br />that the Board ause with funds appropriated in May, 2000, staff would recommend <br />thorize the solicitation of bids from qualified contractors to construct the <br />osed <br />additions for the two libraries acknowledging that should the bids exceed the appropriated <br />alternatives would be sought to reduce the scope of the projects to coincide with available fundin . That <br />the Board agree to advance the funding to off -set the delay in the receipt of the bequetsh uldthe bids <br />come in at or under budget. g That <br />s <br />MARCH 13, 2001 <br />i .! <br />-30- <br />