HomeMy WebLinkAbout2001 Resolution No. 046•
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A RESOLUTION FOR THE APPROPRIATION AND TRANSFER OF FUNDS FOR THE
ZIGAN SETTLEMENT IN THE EMINENT DOMAIN CASE OF CITY v1 ZIGAN
(CENTENNIAL PARK EXPANSION PROJECT PROPERTY).
WHEREAS, City Council bas acq uired land for the Centennial Park E:q,ansion Project;
and
WHEREAS , the owner of the land, Zigan, am! the City could not agree on a price for the
the sale and purchase of subject property; and
WHEREAS, the City ,ubsequently instituted an eminent domain ,uit against Zigan for
the property; and
WHEREAS. the City will pay the cost of the property to the Court in escrow pending the
disposition of an appeal filed by the City.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLOR.-UJO, THAT:
~-The Englewoo d City Council hereby amends the 2001 Budget as follow,:
GENERAL Fl,JND
Source of Funds:
Unreser,ecl/l,;nde,ignated Fund Balance
Use of Funds·
Transfer out to Capital Projects Fund
C~PIBL PRO,TECTS FJiND
Source or Funds:
Transfer in from Ge neral Fund
~~
Bala nce of Judgment
Prejudgment interest
Capital Projects Fund for acquisition costs
Total Use of Funds
s1.3o~.ooo
Sl,306,000
Sl,306,000
$1,053,788
104,258
~
Sl,306,0lJ
The Arapahoe Councy Court will hold S1,158.046 .24 in escrow pending the dis!losition of
the appeal filed by the City .
~-The City Mana pr and tLe Director of Financial Services are hereby
authorized to make the above chanpa to the 2001 Bud.g.t oi the City of Enclewood.
ADOPTED AND APPROVED this 4,. day of June. 2001.
I, Loucrishia A. Ellis , City Clerk for.t/Je City of Englewood. Colo
the above is a true copy of Resolution No !i:/12 Serid of 200 l.
COUNCIL COMMUNICATION
Date Agenda Item Subject
Resol ution appropriating and
June 4, 2001 11 Ci -transierring iunds for the Zigan
Settlement (Centennial Park
E.<oansion Proie ct orooertv)
Initiated By I Staff Source
Deoartment of Finance and Administrative Services Frank Gry~lewicz. Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The Council has discussed acquiring the land for the Centennial Park &pansion Project at a number of
study sessions and regular council meetings .
RECOMMENDED ACTION
Sta ff recommen ds Council approve the attached resolution . This resolution appropriates and transfers
S 1,053,788 forthe balance "f the judgmen~ $104,258 for prejudgment inte res~ and S 147,954 for
acquisition costs to the Capital Projects Fund for the purchase oi the property. The Arapahoe County
Court will hold $1,158 ,046.24 in escrow pending the disposition of the appeal filed by the City.
FINANCIAL IMPACT
The General Fund 's unres tricte d, undesignated fund balance will be reduced by $1,306,000 leaving an
estimated year-end unreserved /undesigaated fund balance of $-1,251,021.
UST OF ATTACHMENTS
Proposed resolution.