|
|
| April 25, 2019 City Council Regular Meeting | |
| Title 28. Motion to Approve a Resolution Authorizing an Interfund Loan for $1.9 Million from the Water and Sewer Fund to the Sanitation Fund for the Purpose of Funding the Acquisition of the Property Located at 1809 West US Highway 80 | |
| Strategic Priority Good Government | |
| Description Staff recommends the approval of a resolution authorizing and interfund loan for $1.9 million from the Water and Sewer Fund to the Sanitation Fund. On April 11, 2019, the Mayor and Aldermen authorized the City Manager to execute a contract to acquire 47.8 acres of land and 32,880 square feet of on-site improvements located at 1809 West US Highway 80, formerly occupied by Waste Management for the purchase price of $3,450,000. It is anticipated that certain due diligence costs will be incurred along with cosmetic improvements to the property for a total estimated cost of $4.0 million. $2.1 million has already been identified from the Landfill Contingency Fund to be supplemented by this interfund transfer, if approved by the Mayor and Aldermen.
| |
| Recommendation Approval | |
| Contact Melissa Carter, Chief Budget Officer | |
| Financial Impact The Sanitation Fund will repay the transfer along with a 2.0 percent rate of interest to the Water and Sewer Fund based on a five year amortization schedule. | |
| Review Comments | |
|
Attachments Exhibit 1: Resolution - Interfund Transfer for the Purchase of the Waste Management Facility.pdf |
|
|
