Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a grant agreement with the Lincoln Theatre Association, a nonprofit 501(c) (3) organization, to make real property improvements to the property located at 769, 771 and 773 East Long Street. Planned renovations will allow the Harmony Project to move their headquarters into the King-Lincoln community.
Planned Improvements involve the interior and exterior portions of the building including the combining of two storefronts that, when completed, can also be used for community events. The City is committing $1,228,000 to the project: $728,000 from capital funds committed to the Harmony Project from a previous capital budget and $500,000 committed with the 2016 Capital Improvement Budget.
This legislation authorizes the expenditure of $728,000 to the Lincoln Theatre Association for real property improvements supporting the Harmony Project.
Emergency action is necessary to allow for the real property improvements to begin.
FISCAL IMPACT: Funding authority is available in the 2016 Capital Improvements Budget in Fund 7782. The maximum amount of the grant provided within the grant agreement authorized to be expended by this ordinance is $728,000.
Title
To authorize the Director of the Department of Development to enter into a grant agreement with the Lincoln Theatre Association to provide funding for real property improvements located at 769, 771 and 773 E. Long St.; to authorize the Director of Development to expend $728,000.00 from Fund 7782; and to declare an emergency. ($728,000.00)
Body
WHEREAS, this legislation authorizes the Director of the Department of Development to enter into a grant agreement with the Lincoln Theatre Association; and
WHEREAS, the funds provided by the agreement will be used for real property improvements located at 769, 771 and 773 E. Long Street; and
WHEREAS, the real property improvements allow the Harmony Project...
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