Title
Consider/Discuss/Act on an Ordinance Amending TIRZ No. 1's Fiscal Year 2013-2014 Annual Budget
Summary
MEETING DATE: April 1, 2014
DEPARTMENT: Planning
CONTACT: Michael Quint, Director of Planning
Rodney Rhodes, Chief Financial Officer
Matt Robinson, AICP, Planning Manager
RECOMMENDED CITY COUNCIL ACTION:
· Staff recommends that the City Council approve the proposed ordinance amending TIRZ No. 1's FY13-14 Annual Budget authorizing the expenditure of $500,000 in accordance with the approved agreement for the Cotton Mill.
ITEM SUMMARY:
· On March 17, 2014, the Board for Tax Increment Reinvestment Zone (TIRZ) No. 1 approved a Chapter 380 Economic Development and Project Plan Implementation and Loan Agreement and a budget amendment which authorizes the expenditure of $500,000 from the TIRZ No. 1 fund balance.
· The agenda item for the aforementioned agreement and related budget amendment are attached for additional information.
· Before the $500,000 payment is processed, the City Council must approve a budget amendment. The current annual budget for expenditures from the TIRZ fund balance is $200,000 (encumbered by an agreement with the Flour Mill). This proposed budget amendment will increase the budgeted expenditures amount to $700,000.
BACKGROUND INFORMATION:
· N/A
FINANCIAL SUMMARY:
· The current budget for expenditures is $200,000.
· The proposed budget for expenditures is $700,000.
· The current fund balance is $1,316,463.
· The remaining unencumbered fund balance will be $416,463.
BOARD OR COMMISSION RECOMMENDATION:
· The Board for TIRZ No. 1 approved the $500,000 expenditure at the meeting on March 17, 2014.