Title
Consider/Discuss/Act on a Resolution Approving a Budget Amendment for the McKinney Economic Development Corporation for Fiscal Year 2012-2013
Summary
MEETING DATE: August 20, 2013
DEPARTMENT: McKinney Economic Development Corporation
CONTACT: Jim Wehmeier, President / CEO
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution and Budget Amendment
ITEM SUMMARY:
· This budget amendment is to allow for the payment of earned incentives for a major project that came to pass after the budgeting process was completed for 2012-2013.
- This budget amendment is for the recently completed warehouse renovation and mezzanine structure addition at the Raytheon Company in McKinney.
- This project will come due prior to the next budget cycle and therefore need to be amended into this fiscal year's budget.
BACKGROUND INFORMATION:
· MEDC Board approved an incentive offer to Raytheon in the amount of $337,000 pending receipt of certificate of occupancy.
FINANCIAL SUMMARY:
· The attached budget amendment #33108 shows current budgeted project allocations of $4,230,000 and the proposed project allocations of $4,567,000
BOARD OR COMMISSION RECOMMENDATION:
· MEDC Board recommends approval of FY 2012-13 revised budget.