Title
Conduct a Public Hearing and Consider/Discuss/Act on an Amendment to Project Grant #16-03, McKinney Armed Services Memorial Board Gold Star Memorial, to Provide Additional Funding in an Amount Not to Exceed Twenty Thousand Dollars ($20,000); Total Construction Cost, with Contingency, is Estimated to be One Hundred, Sixty-Five Thousand Dollars ($165,000); Total Amount Requested from MCDC Represents 100% of Project Cost
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
MEETING DATE: April 27, 2017
DEPARTMENT: McKinney Community Development Corporation
CONTACT: Cindy Schneible, President
ITEM SUMMARY:
• McKinney Armed Services Memorial Board submitted a supplemental Project Grant Application requesting additional funding, in an amount not to exceed $20,000 for the Gold Star Memorial Project approved by the MCDC Board in March, 2016.
• If approved, MCDC funds would total an amount not to exceed $165,000.
BACKGROUND INFORMATION:
• In 2016, the McKinney Armed Services Memorial Board proposed construction of a monument to Gold Star families to be installed in Veterans Memorial Park.
• MCDC approved funding for The Gold Star Memorial Project, in the amount of $145,000 in March, 2016 (MCDC #16-03).
• Total estimated cost for construction of the project is $165,000 based on the contractor’s bid of $163,135 and contingency of $28,865.
• The Armed Services Memorial Board has secured $9,000 in cash and $14,000 in pledges to date and fundraising continues.
• The additional $20,000 requested from MCDC would serve as a “backstop” to allow authorization to proceed with the contract and begin construction with a completion date of fall 2017.
FINANCIAL SUMMARY:
• Total amount of the grant awarded for the Gold Star Memorial Project from MCDC in 2016 (#16-03) was $145,000.
• McKinney Armed Services Memorial Board has raised $9,000 in cash and $14,000 in pledges for the project.
• The additional amount of up to $20,000 in funding, if approved by MCDC, would provide a contingency, if needed, for pledges not fulfilled and would allow construction to begin on the Gold Star Memorial.
• MCDC’s allocation for discretionary project grants for the current fiscal year is $1,259,745.
• The balance remaining in the discretionary project grant allocation is $1,234,745 for the current year.
• The request is eligible for MCDC Board consideration under Sections 501 to 505 of the Texas Local Government Code.