Explanation
BACKGROUND: City Council approved Ordinance 0339-2016 on March 14, 2016 authorizing the Director of the Department of Development to enter into a disbursement contract with the Discovery Special Improvement District, Inc. (SID) for the implementation of services and improvements set forth in the District Plan and authorizing the City Auditor to appropriate and expend up to $600,000 from assessments levied from property owners.
Due to delinquent property tax payments, subsequently paid, of which SID assessments are paid at the same time, there will be additional funds collected and disbursed in 2016 exceeding the initial $600,000 estimate.
This legislation will amend the Discovery Disbursement Contract dated April 13, 2016 to increase the not to exceed amount that can be expended to $750,000.
FISCAL IMPACT: This legislation will increase the maximum amount that can be expended from $600,000 to $750,000. The additional $150,000 for this expenditure will be received from the levy of assessments collected from property owners in the Discovery Special Improvement District. These funds are deposited into and expended from Agency Fund 3310.
Title
To amend the Discovery Special Improvement District disbursement contract dated April 13, 2016 for the implementation of services and improvements set forth in the District Plan; to authorize the City Auditor to appropriate and expend up to $150,000.00 from assessments levied from property owners; and to declare an emergency. ($150,000.00)
Body
WHEREAS, City Council approved the reauthorization and implementation of a plan for services and improvements for the Discovery Special Improvement District for a period of 5 years from January 1, 2016 through December 31, 2020; and
WHEREAS, City Council approved Ordinance 0339-2016 on March 14, 2016 authorizing the Director of the Department of Development to enter into a disbursement contract with the Discovery Special Improvement District, Inc. (SID) for the ...
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