Explanation
Brief Description: Ordinance 1843-2017 legislated $1,364,451.45 for the NCR Weinland Park (7th to 9th) project to pay for construction administration and inspection services. Funding was used from the Urban Infrastructure Recovery Fund (UIRF) when funding should have come from Neighborhood Commercial Revitalization (NCR). Currently, UIRF has more projects than usual going into construction. The borrowed funds are now needed to be paid back so these UIRF projects can move forward.
Background: This legislation authorizes the City Auditor to transfer cash and appropriation within the Streets and Highways G.O. Bonds Fund 7704, in order to replenish the original cash and appropriation levels in UIRF and NCR. Funds from UIRF were borrowed to pay for construction administration and inspection services for the NCR Weinland Park (7th to 9th) project. Funds should have been legislated from the NCR program. Now that UIRF has numerous projects lining up to start construction the earlier transfer needs to be corrected to restore funding in UIRF so these projects can move forward.
Fiscal Impact: Cash is available to be transferred in Fund 7704 Streets and Highways Bond Fund.
Emergency Justification: Emergency action is requested so that the projects receiving the cash back can move forward.
Title
To amend the 2018 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation between projects within Fund 7704 Streets and Highways Bond Fund to replace funds borrowed for use on a construction project; and to declare an emergency. ($1,364,451.45)
Body
WHEREAS, Ordinance 1843-2017 legislated $1,364,451.45 for construction administration and inspection services for NCR Weinland Park (7th to 9th); and
WHEREAS, funding was borrowed from the Urban Infrastructure Recovery Fund program; and
WHEREAS, funding should have come from the Neighborhood Commercial Revitalization program; and
WHEREAS, cash must now be paid back to UIR...
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