Fiscal Note
General Obligation Debt: |
$1,500,000 |
Other Funding: |
0 |
Total: |
$1,500,000 |
Levy Impact: |
$0 |
Title
CAPITAL BUDGET AMENDMENT # 2 - State Street - Capitol Square / State Street Phase II - 300/400 Blocks, Project No. 1, p. 24
Body
Amend the budget to delete the anticipated Federal funding of $1,000,000 in lieu of General Obligation borrowing of $1,000,000, with debt service to be paid by TIF funds. (It is now uncertain that the $1,000,000 in Federal funds anticipated in the original budget will come to fruition.) In addition, increase G.O. borrowing by an additional $500,000 due to higher bid price increases as fuel and steel prices have driven costs higher. Debt service for the additional $500,000 will also be paid by TIF funds. Annual debt service for the total borrowing of $1,500,000 is $194,257, but there will be no net impact on the levy as debt service will be paid by TIF funds.