Fiscal Note
This budget amendment adds a total of $968,000 in borrowing authority to the Storm Sewer Utility Royster Clark Redevelopment account and $150,000 in borrowing authority to the Sewer Utility Royster Clark Redevelopment account.
The budget amendment needed is as follows:
ESTM-58270-810751 $968,000 Royster Clark - Stormwater
ESTM-79140-810751 ($968,000) Royster Clark - GO Proceeds
ES01-58275-810751 $150,000 Royster Clark - Sewer
ES01-79445-810751 ($150,000) Royster Clark - Assessment Revenue
Title
Amending the 2014 Stormwater Utility and Sewer Utility Capital Budgets to add additional budget authority to provide funding for a 100% assessable development project to be started in 2014 and completed in 2015.
Body
WHEREAS, the Adopted 2014 Stormwater Utility Capital Budget currently has $425,000 of budget authority available in account 810751 (Royster Clark Redevelopment); and
WHEREAS, the Adopted 2014 Sewer Utility Capital Budget currently has $500,000 of budget authority available in account 810751 (Royster Clark Redevelopment); and
WHEREAS, the redevelopment project known as Royster Clark Development (53W1537) has been supported by the City, as a project where the City would construct new public streets and other infrastructure improvements (water, sanitary, storm, water quality) in a development and fully assess the costs of this construction back to the developer; and
WHEREAS, the estimated cost of both the storm and sanitary sewer pipes have increased since the project was proposed in 2012; and
WHEREAS, the developer has additionally requested that the City construct the storm water management features (ponds); and
WHEREAS, there remains contaminated material on site that may be encountered during the pond construction which will require landfill disposal; and
WHEREAS, the costs associated with pond construction were not included with the initial budget estimate; and
WHEREAS, an additional $968,000 of Stormwater Utility funding is...
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