HomeMy WebLinkAbout1998 Resolution No. 102•
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RESOLUTION No /~
SER!ES OF 1998
A RESOLUTION FOR THE SUPl'LEMENTAL APPROPR!ATION AND TRANSFER OF
FUNDS FROM THE 1998 BUDGBT TO THE ENGLEWOOD ENVIRONMENTAL
FOUNDATION FOR AN ACCEUliRATED CINDERELLA CITY SITE PREPARATION
PLAN.
WHEREAS, the City Counc:ilci.tbe City of Englewood, Colorado approved the City of
Englewood's 1998 Budget on Oct<>be r 20, 1997 ; and
WHEREAS, the passage of tb:>E Resolution will appropriate the funds needed for the
acce le rated Cinderella Cit"/ .rite P""'P&ra tion plan which indulges a dditional environmental
re mediation, de moli tion, fill matenal and co nstruction of Inca Street North;
NOW , THEREFORE. BE IT RESOLVED BY THE CITY COUNC IL OF THE CITY OF
ENGLEWOOD, COLORADO TEAT:
Sl:l:!.iwl...l . The City of Eng!ewoo& 1998 Budget is hereby a me nded as follows:
GENERALFUND:
Source of Funds :
Unreserved/UndeSJgna~ Fund Balance
lJseA of Funds ·
Tra11Sfers out to Capital ?roJec-...e Fund
CAPITAL PROJE CTS FU~m.
Source of Funds :
Transfe rs m from Geoera.1 Fund
Use of Funds :
Transfer s to Engl ewood ~,'U'On.me nta l
Fo un dati on fo r Cinde-refu Ci ty site pr epa ration
as needec!.
$1,505 .000
S1.505,000
Sl ,50 5.000
S l ,505,000
Si:=n..2. The City ~-!anager .and thr Director of Financial Services are here by authorized
to m ake t h e above ch a nges w the-1998 Budget of the City of Englewood.
AD OPTED A:-ID APPRO\""E D :lus 16th of :-.:ove mb er , 1998 .
I , Loucriahia A. Ellill , City Clerk for lh'l City ofEnglewood, Colorado, berei,y~ the ,._. ·-~, ... _,_ •.. -.... ,~ d fJJ;
criahia A. Ellis
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COUNCIL COMMUNICATION • l
Date Agenda Item S4bject Supplemental
appropriation and transfer of
funds from the General Fund to
the Englewood En vi ronmental
Novembec 16. 1998 11 C i Founda ti on , Inc.
Initiated By I Staff Sources
Depar-ient of Financia l Service s Frank Gryglewicz , Director
COUNCIL GO AN O PREVIOUS COUNCIL ACTION
City Council has axpressed an interest In proceeding with an accelerated Cinderella Ci'Y site
preparation plar _ The acce lerated plan inc!udes additional environmental remediation, de molition, fill
material. and ccnstrucno n of Inca North . C ity Counc il discussed the plan at a study session o n June 1,
1998 . C ity Cou-icil has been updated regula rly on the progress of the site preparation efforts . The
value of the propeny aft er demolition of the propeny is estimated between S10 .5 and S12 .5 million .
RECOMMENDED ACTION
BACKGROUND. ANALYSIS, ANO ALTERNATIVES IDENTIFIED
St att recommenos City Cou nc il approve the atta ched reso lutio n lransferring and appropriating funds to
the Englewooc E:-ivironmental Foundation. The so urces and uses of the se funds are :
SOURCE OF OS :
GENERAL FU
Un res erved/Unces1gnated Fund Balance
USE OF FUN DS:
Trans fers out tc C:ap ital Projects Fund
SOURCE OF FUNDS :
CAi>I TAL PR OJ'ECTS FUND :
Transfers in ror-Ge neral Fun d
USE OF FUNDS :
Tr~nsfe r 10 EEF 1or Cir.r' .. ·ella City site preparation
S1 ,505.000
$1 ,505 ,000
$1 ,505,000
S1 ,505.000
These add111o ra 'unds are re quested so a de molition contra ct with Clevela nd Wr ecking to co mplete
the po rt io n o c:e,:k that is contained in th e Eco nomic Devel opment Au th ority (EDA ) gra nt can be
completed . 01to:· land development funds will be appropriated as needed.
A curre nt budg-e· for the si te preparation is attached . The add itio nal envi ronmental costs include
S200.000 for bu bs and ballasts : S186,000 for Joslin 's base bid , and rem ain der is fo r asr.:stos
abatement. S,a~ believes that Equitabl e is is responsible for S2 .000.000 of the additional r~med iation,
but no claim wtl ::,e submitted until all the costs are ~no wn. Th e City an tic ipa tes the Eco nom ic
De velop ment P.~ omy (EDA) and the Regional Tran sportation Di strict (RTD ) will join the C ity of
Eng lewoo d In ,:.-:,v1ding fu nd ing for thi s project .
FINANCIAL IMPACT
This appropriation and transfer will temporarily reduce the General Fund unreserved/undesignated
fu•,d balance by $1,505,000. These funds will be re imbursed from proceeds of a certificate of
partlcipallon that Is scheduled to close by the end of 1998 .
LIST OF ATTACHMENTS
Proposed resolution
Amended EEF budget for land development
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~000 E~NTAL FOUNOATK»l, INC .
..-oeVE LOPMEHT BUDGET
ll.A>IDCOST
!IJEltOUTION
AID0fflOHAL REMEOIA TION
qu_
MICA STREET
i::::>t.Ft'"S ARCHITE Ci
'.l'DTALS = ~ESITE
~STOEC~
"':>L"Y'S ARCHITECT (COP)
'.TOTAi. REQUIRED
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TODATI! _,--NOTH
$1 ,110,000
M,000,000
$'33,000
$1 ,500,000
$300,000
'825,000 ......
12,011,000
115,D,OOO
,"2,511,000
$3,528,000
ta!0,000
aa,,000
''"'"·*
$0,000 POSSIBLY CLOSED BY WIN
$1 ,!!0!5,000 INCLUDES SW DECK DEMOUTlON
12,015,000 INCLUDES EQUITABLE RESPONSIBILITY ES1-TE IS $2,000,000
12,028,000
M50,000
165,000
N ,m,MO
caa.000,
($1 ,000,000)
(165,000]
N,2A,OOO