Title
Consider/Discuss/Act on an Ordinance Amending the 2012-2013 Annual Budget, Including the 2013-2017 Capital Improvements Program, for the Gateway Hotel and Events Center Projects
Summary
MEETING DATE: February 19, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Ordinance.
ITEM SUMMARY:
· This Ordinance amends expenditures in the 2012-2013 Budget and the 2013-2017 Capital Improvements Program (CIP) to provide for three related Gateway Hotel/Events Center projects.
· A new CIP project, FC3249 Gateway Hotel and Events Center Professional Services, will be added with a budget of $400,000 funded from the Facility Improvement Fund. This will be used to provide re-platting and survey work and other required professional services.
· A new CIP project, FC3253 Gateway Hotel Project, will be added with a budget of $12,722,585. It is funded by the remaining MCDC project funds of $6,722,585 and $6,000,000 from the City's General Fund. This will be used for the design and construction of a hotel.
· A new project, FC3254 Gateway Events Center Project, will be added with a budget of $6,000,000 funded from the proposed issuance of debt by the City presented in a separate agenda item. This will be used for the design and construction of an event center.
BACKGROUND INFORMATION:
· Pre-development expenditures up to $270,000 will be proportionately funded, based on a ratio of estimated costs, by the Hotel FC3253 (85%) and the Events Center FC3254 (15%). Any excess pre-development expenditure will be funded 100% by the Hotel project.
FINANCIAL SUMMARY:
· This Ordinance authorizes Budget Amendments as shown on the attached spreadsheet.
BOARD OR COMMISSION RECOMMENDATION:
· MCDC Board approved a budget amendment to reappropriate Gateway Hotel funds and approved the transfer of the remaining funds to the City for the Gateway Hotel Project.