Fiscal Note
The proposed resolution authorizes increasing Engineering - Major Streets 2019 adopted capital budget by $500,000 to pay for land acquisition costs associated with the Dairy Drive capital project (#11865), which increases the project budget to approximately $2.5 million. The proposed increase will be funded by incremental revenues in Tax Increment District (TID) #39. The 2019 adopted operating budget for TID #39 includes $1.9 million of incremental revenues and a year-end cash balance of $2.57 million. The unrecovered costs in TID #39 are budgeted at approximately $540,000.
Title
SUBSTITUTE - Amending the 2019 Adopted Budget for Engineering - Major Streets and Tax Increment District (TID) #39 to increase the Dairy Drive capital project (#11865) budget by $500,000 for land acquisition and to fund the increase with TID #39 (16th A.D.) incremental revenues. Amending the 2019 adopted Engineering - Major Streets Budget with a $500,000 increase to Dairy Drive Project #11865 to accommodate land acquisition costs, to be paid through TID #39. (16th A.D.)
Body
WHEREAS, the 2019 Engineering - Major Streets Capital Budget includes the construction of an extension of Dairy Drive from Broadway Avenue to Femrite Drive (Project # 11865); and,
WHEREAS, the City issued a Relocation Order to acquire land and easements to complete the project (RES-19-00287, Legistar # 55071); and,
WHEREAS, the Relocation Order estimated the cost of land and easement acquisitions to be $708,000; and,
WHEREAS, the City’s collective appraised values for the affected properties indicate just compensation to property owners in the amount of $1,044,140 for all the land and easement interests required for the project; and,
WHEREAS, when adding miscellaneous relocation costs to the offering price of $1,044,140, the total cost of land and easement acquisition could be closer to $1.2 million, or about $500,000 more than the originally budgeted amount of $708,000; and,
WHEREAS, the land ...
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