Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2014-15 Annual Budget; and Amending the 2015-2019 Capital Improvements Program, to Provide Additional Funds for Project AI4369, Airport Transient Hangar Construction Project
Summary
COUNCIL GOAL: Maximize the Development Potential of the McKinney National Airport
MEETING DATE: April 7, 2015
DEPARTMENT: Airport
CONTACT: Ken Wiegand, Executive Director
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Ordinance
ITEM SUMMARY:
· AI4369 Transient Hangar Construction Project requires additional funding to pay for additional costs of soil preparation and concrete slab construction caused by poor soil conditions at the airport.
BACKGROUND INFORMATION:
· On August 21, 2014, McKinney National Airport received a $1,500,000 MCDC grant to construct a 15,000 sf hangar with 2,000 sf of offices, lounge and restrooms.
· Actual on-site soil conditions were worse than originally anticipated which is causing the overall cost of the project to increase by $200,000.
· The adjusted cost of the Transient Hangar is $1,700,000.
FINANCIAL SUMMARY:
· The budget for the project shall be amended by appropriating $200,000 from the Airport Construction Fund balance, which increases the project estimate from $1,500,000 to $1,700,000.