Fiscal Note
Funds not to exceed $365,000 for the purchase of this property are authorized in the 2013 Adopted Capital Budgets of Engineering - Major Streets (Project No. 50, "World Dairy Campus," Account No. 810571) and PCED (Project No. 18, "TID 39 - Stoughton Rd.," Account No. 823901). The purchase of this property will be charged against TID# 39-Stoughton Road. However, a budget amendment is required to provide expenditure authority and offsetting revenue to support a previously unidentified, and unbudgeted, need to relocate a City water main, at an estimated cost of $200,000. Because the City is the main partner in the World Dairy Campus, an estimated $200,000 of the $365,000 in land purchase proceeds will be credited to the City (in effect, the City is purchasing the land from itself). These purchase proceeds will in turn be applied to the cost of the water main replacement. The land sale proceeds will be credited to the TID, and the additional water main relocation expense will be recognized as TID-eligible. Finally, the 2013 adopted capital budget of the Water Utility (Project No. 2, "Water Mains - Replacement/Rehab.," Account No. 810455) will need to be amended to recognize an additional $200,000 in Water Main Replacement expenses, offset with TID proceeds. The various budgets will be amended as follows:
PCED Project No. 18 - TID 39, Stoughton Road:
$200,000 CT39-57452-823901 Transfer out to Water Utility
($200,000) CT39-78310-823901 Land Sale Proceeds
Water Utility Project No. 2 - Water Mains - Replacement/Rehab:
$200,000 EW01-58273-810455 Water Main Expense
($200,000) EW01-79448-810455 Transfer in from TIFs
Title
SUBSTITUTE Authorizing the purchase of Outlot 2 of World Dairy Campus from World Dairy Campus Owners Association, Inc. in conjunction with the replatting of said Outlot 2 pursuant to the proposed BioAg Gateway Replat; and, amending DPCED Project No. 18 (Account No. 823901) and Water Utility Project No. 2 by adding $20...
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