Financial adviser outlines $46M–$75M options to buy and retrofit Police Hall of Fame; council voices concern

PFM Financial Advisors presented financing options on Jan. 29 for the potential acquisition and renovation of the former Police Hall of Fame into a police headquarters and emergency operations center.

Jay Glover, PFM’s presenter, said the city begins from a position of very little outstanding debt and reviewed financing structures including revenue bonds and general-obligation bonds, noting that Florida law requires voter approval for general-obligation bonds. He summarized that staff-provided project cost ranges were roughly $46 million on the low end to $75 million on the high end and presented example annual debt-service ranges "anywhere from about $2,900,000 on an annual basis based on the low end cost estimate to as high as about $4,600,000 annually" under a 30-year financing assumption and an illustrative 4.52% rate.

Councilmembers pressed for more refined cost estimates and questioned how the consultant derived per-square-foot renovation figures. Vice Mayor Cole said he found the $800-per-square-foot renovation estimate "extremely high" compared with local comparables; the city said ECOM Consulting provided a structural review and classified early estimates and that the building must be raised to critical facility wind loading, which requires significant structural work.

Resident Stan Johnston urged caution and said the city should hold a public hearing before spending large sums; he referenced a consent-agenda contract in the packet for a $150,000 cost estimate and said the proposed project was "too much money." A representative of the Titusville Tree Team later urged collaboration on the urban forestry plan during public petitions.

Council members said they were "sticker shocked" by the numbers and asked staff to refine cost estimates, pursue concept-level design and pursue additional comparables before any formal action. The presentation was informational; no council direction to proceed with financing was given at the Jan. 29 special meeting.