ITEM TITLE:
#20-34 - Amending the 2020 City Budget by Recognizing $900,000 of New Revenues, and Appropriating Same to the Meals Hill Development Project
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $900,000
Unencumbered Balance: $900,000
Funding Source: 310.0000.33405 PARK Meals Hill Greatland Trust Revenue; 310.8160.49500 PARK Meals Hill Greatland (Expense)
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• This resolution recognizes $900K of new revenues from Greatland Trust, which will be reimbursed to the City during the development of the Meals Hill property.
• The June 16th agenda includes a contract with Huddle Inc for the first phase of this work. City and Greatland Trust have executed separate documents that specify the processes for approval of work-scope, reimbursement criteria, and administration.
• The City will act as a pass-through entity for Greatland Trust funds, up to $900K of approved work.
• The City will manage the underlying project contracts, but will consult with Greatland Trust for scope development and project management to ensure compliance with reimbursement criteria.
• The City appropriated $200,000 to the Meals Hill development in early 2020. That project will be closed with no funds expended, and the unused funds will be repurposed to other prioritized projects not later than spring of 2021.