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1 Ogden Redevelopment Agency Meeting: October 3, 2017 FY2018 BUDGET AMENDMENT ($165,000) - Revenues Interfund Transfer (City to Trackline Economic Development Area ($165,000) - Appropriations Capital Outlay (Property Purchase) ($165,000) Action: Adopt or Not Adopt Resolution Executive Summary The Board will consider a Resolution approving a budget amendment that would increase the FY2018 Budget by $165,000. The proposed budget amendment recognizes revenue from the City (BDO Lease Revenue) which will be appropriated for project costs associated with purchase, environmental remediation, and demolition of the Swift Meat Packing building located in the Trackline Economic Development Area. This would bring the total amount available for the project to $2.2 million. Background During the fiscal year, the Board entertains requests for budget adjustments to allow for the following: 1. Entering grant or other special purpose revenues into the budget prior to expenditure. 2. Making mid-course corrections to avoid budget overruns. 3. Forwarding encumbrances from the previous fiscal year. 4. Other items dealing with special circumstances or opportunities. The Uniform Fiscal Procedures Act for Utah Cities requires that a public hearing be held on all budget adjustments where the budget of one or more funds is increased. (Utah Code Ann. §10-6-127.) Notice of the public hearing must be given seven days prior to the hearing. (Utah Code Ann. §10-6-113.) August 8, 2017 The Board office received a transmittal outlining the Administration’s request for an amendment to the FY2018 Budget. ---PAGE BREAK--- 2 Ogden Redevelopment Agency Meeting: October 3, 2017 August 22, 2017 The Board authorized the purchase of the Swift Meat Packing Building located at 390 W. Exchange Road. Purchase price for the property is $400,000. Extensive environmental cleanup and demolition costs could bring the entire project cost to more than $2.6 million. September 5, 2017 The Board held a work session to discuss the proposed amendment to the FY2018 Budget to provide an additional $165,000 for project costs associated with the Swift Meat Packing Building. September 12, 2017 The Board set a public hearing for October 3, 2017 on proposed Resolution 2017-40 that would authorize a budget amendment to provide an additional $165,000 for project costs associated with the Swift Meat Packing Building. Proposal The Administration is proposing a FY2018 budget amendment that will increase the FY2018 Budget by $165,000. The proposed budget amendment recognizes revenue from the City’s General Fund (BDO Lease Revenue) and appropriates the funds for project costs associated with purchase, environmental remediation, and demolition of the Swift Meat Packing building located in the Trackline Economic Development Area. These funds are in addition to the $1,125,000 from the CIP Fund (funded with BDO Lease Revenue) and an Interagency Transfer of $912,000 from the 25th Street RDA previously authorized for expenditure. This brings the total amount available for the project to $2.2 million. Although the current estimated project budget is $2.6 million, administrative staff believe that remediation costs will not be as high as previously budgeted. A summary of the revenues and expenditures follows: ---PAGE BREAK--- 3 Ogden Redevelopment Agency Meeting: October 3, 2017 Questions Please review the proposed budget amendment. Council Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- 2017-8 ---PAGE BREAK--- ---PAGE BREAK---