title
Consider/Discuss/Act on an Ordinance Amending the Airport Budget to Reflect Changes in Revenues and Expenditures Resulting from the Purchase of the Assets at the Airport
summary
MEETING DATE: October 15, 2013
DEPARTMENT: Airport
CONTACT: Ken Wiegand
RECOMMENDED CITY COUNCIL ACTION:
· Approve Ordinance Amending the Airport Budget
ITEM SUMMARY:
· On September 3, 2013, City Council approved Resolution 2013-09-144 (R) authorizing the City Manager to execute an Asset Purchase Agreement among McKinney Airport Properties, Inc.; McKinney Aviation I, LTD; Tres Airport Partners, LP; Collin County Regional Investments, LP; and the City of McKinney, Texas.
· The City has executed the Asset Purchase Agreement and will acquire leases, several hangar buildings, personal property and a terminal building.
· The City will be hiring and running the FBO which will require the addition of employees and equipment to run the operation.
BACKGROUND INFORMATION: N/A
FINANCIAL SUMMARY:
· The attached budget amendment #41210 shows current budgeted airport revenues of $1,140,458 and the proposed airport revenues of $10,737,113.
· The attached budget amendment #41210 shows current budgeted airport allocations of $4,521,873 and the proposed airport allocations of $14,300,675.
BOARD OR COMMISSION RECOMMENDATION: None