Topping-out ceremonies have been held for the $32-million, seven-story, 165,000-square-foot San Diego Police Headquarters at 1401 Broadway, called the largest municipally financed project in the history of that city.
The architect is Delawie/Bretton/Wilkes Associates Inc. of San Diego and the general contractor is M. H. Golden Co. Completion is scheduled for July.
The headquarters is also the largest municipally financed project in which private developers provide a turnkey operation without the use of condemnation or establishment of a redevelopment district, according to Starboard Development Co., developer with the city of San Diego.
Instead of traditional bond financing, the police building was financed with the issuance of $43.7 million in tax-exempt certificates of participation underwritten by E. F. Hutton, under which the certificates represent an ownership interest in a lease agreement between the city and Rauscher Pierce Resnes Leasing Inc.
The city's certificate payments are treated as operating expenses until the city exercises its option to acquire full ownership--a novel approach to municipal financing, according to a spokesman.