Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2023-2024 Annual Budget and Amending the 2024-2028 Capital Improvement Program, to Provide Funds for the Green Ribbon Project at US75 and Virginia Parkway (PK2112)
Summary
COUNCIL GOAL: Enhance the Quality of Life in McKinney
(5A: Create affordable recreational and cultural arts activities for all ages throughout the city)
(5B: Develop Parks strategy to preserve green space for future park land)
(5C: Continue to market and highlight McKinney as a unique destination for residents and visitors alike)
(5E: Develop sustainable quality of life improvements within the City of McKinney)
MEETING DATE: July 16, 2024
DEPARTMENT: Parks & Recreation
CONTACT: Amy Kinkade, Director of Parks and Recreation
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Ordinance.
ITEM SUMMARY:
* This is a budget amendment for the Green Ribbon Project at US 75 and Virginia Parkway to allow for additional resources to construct the project as designed.
BACKGROUND INFORMATION:
* The Texas Department of Transportation's Green Ribbon Program allocated $431,395 for landscape improvements to Virginia Parkway and US75.
* The city entered into an Advance Funding Agreement (AFA) with TxDot on September 11, 2023. Per the agreement, the local government (City of McKinney) is responsible for any cost above the allocated $431,395.
* Initial cost estimates came in above $431,395. Bids are scheduled to be received on July 25, 2024. This amendment will ensure enough funding is available for construction. Any unused funds will be made available for future city median projects.
FINANCIAL SUMMARY:
* This Ordinance amends the Fiscal Year 2023-2024 Annual Budget and the 2024-2028 Capital Improvements Program by transferring $75,000 median escrow Zone J and $181,000 median escrow Zone K from the Parkland/Median Fee Fund to the Parks Construction Fund and appropriating it in CIP project PK2112 for the Virginia Parkway...
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