Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2023-2024 Annual Budget and Amending the 2024-2028 Capital Improvements Program to Provide Funds for Raytheon Pond Rehabilitation Project (DR2469)
Summary
COUNCIL GOAL: Operational Excellence
(2A: Balance available resources to accommodate the growth and maintenance needs of the city)
MEETING DATE: April 16, 2024
DEPARTMENT: Development Services / Engineering
CONTACT: Shelley Lang, P.E., Assistant Director of Engineering
Gary Graham, P.E., Director of Engineering
RECOMMENDED CITY COUNCIL ACTION:
* Approval of the Ordinance.
ITEM SUMMARY:
* This Ordinance amends the Fiscal Year 2023 - 2024 Annual Budget and the 2024 - 2028 Capital Improvement Program to provide project funding for Raytheon Pond Rehabilitation Improvements (CIP Project DR2469) for a total increase of $1,042,050.
* Additional funding necessary to construct the Raytheon Pond Rehabilitation Improvements is available in Stormwater Construction fund (Fund 62) balance.
BACKGROUND INFORMATION:
* The Raytheon Pond is generally located south of University Drive (U.S. Highway 380) and east of Hardin Boulevard and is partially located on two properties, with the eastern half being located on Raytheon's property and the western half being located on McKinney SH II, LTD.'s property.
* The City's Unified Development Code requires that the dam for the Raytheon Pond be reconstructed due to its current condition. Due to the split nature of the dam and the associated pond's ownership and the benefits that their rehabilitation will provide to the region, a three-party agreement between the City, Raytheon, and McKinney SH II, LTD., which outlines the terms of a partnership focused on completion the required pond rehabilitation improvements, has been negotiated. This agreement was approved by the City Council in December 2023.
* Per the agreement, McKinney SH II, LTD. will pay Raytheon $1.1 million which Raytheon may use to complete ...
Click here for full text