Title
AN ORDINANCE AMENDING THE 2014 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY TRANSFERRING A PORTION OF THE UNENCUMBERED FUND BALANCE IN THE GENERAL FUND TO THE FUND FOR THE URBAN RENEWAL AUTHORITY OF THE CITY OF COMMERCE CITY, AND THE AUTHORIZATION OF THE EXPENDITURE THEREOF
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Summary and Background Information:
• The Council approved a loan of $4 million to the Urban Renewal Authority (URA) in 2011 to purchase the Mile High Greyhound Park (MHGP) for redevelopment.
• The URA did purchase the MHGP in 2011.
• The URA then requested the loan of an additional $2.5 million in 2012 for the demolition of the buildings on the MHGP property and the Council approved that request.
• The URA demolished the MHGP buildings but then found an old landfill from a previous building demolition and encountered addition costs in cleaning up the landfill.
• At the beginning of the demolition the URA purchased an environmental insurance policy, which covered most of the cost of the additional clean-up, leaving net costs for the URA in the amount of approximately $185,663.
• Therefore the URA is requesting an amendment to the second loan agreement and promissory note in the amount of $250,000 to cover the additional costs and to provide a small amount for operating funds.
• The amendment to the loan agreement and promissory note requires resolutions by both the City Council and the URA Board.
• In addition, the Council needs to amend the 2014 budget to provide for the additional loan amount and this ordinance approves that budget amendment.
Staff Responsible (Department Head): Roger Tinklenberg
Staff Member Presenting: Roger Tinklenberg
Financial Impact: $250,000.
Funding Source: Fund balance in the General Fund
Suggested Motion:
I move approval of Ordinance 2001