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1 Ogden Redevelopment Agency Work Session: September 5, 2017 FY2018 BUDGET AMENDMENT ($165,000) - Revenues Interfund Transfer (City to Trackline Economic Development Area ($165,000) - Appropriations Capital Outlay (Property Purchase) ($165,000) PurposeofWork Session: To Review and Discuss a Proposed FY2018 Budget Amendment Executive Summary The Administration will present a proposed budget amendment that will 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 brings 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.) ---PAGE BREAK--- 2 Ogden Redevelopment Agency Work Session: September 5, 2017 August 8, 2017 A transmittal outlining the Administration’s request for an amendment to the FY2018 Budget was received. August 22, 2017 The Board authorized the purchase of the Swift Meeting 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. Proposal The Administration is proposing a FY2018 budget amendment that 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 appropriated 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. A summary of the revenues and expenditures follows: Notes Fund/ Source Amount Total Interagency Trasnfer Interfund Transfer 165,000 $ City Gen Fund - BDO Lease Rev Sub-Total 165,000 $ TOTAL 165,000 $ Notes Fund/ Source Amount Total RDA - Trackline EDA Capital Outlay - Land 165,000 $ Project Costs - Swift Bldg Sub-Total 165,000 $ TOTAL 165,000 $ Summary of Revenues Summary of Appropriations ---PAGE BREAK--- 3 Ogden Redevelopment Agency Work Session: September 5, 2017 Questions Please review the proposed budget amendment. Council Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---