Title
AN ORDINANCE AMENDING THE 2021 BUDGET OF THE CITY OF COMMERCE CITY, COLORADO BY TRANSFERRING $1,259,000 FROM THE GENERAL FUND TO THE CIPP FUND FOR COSTS ASSOCIATED WITH THE SOUTH PLATTE CROSSING BUILDING PURCHASE AND REMODELING PROJECT AND AUTHORIZATION OF THE EXPENDITURE THEREOF.
Body
Summary and Background Information:
Council has engaged in a Purchase and Sale Agreement with the Urban Land Conservancy to purchase Unit 6 (the fifth floor) of the South Platte Crossing building located at 7190 Colorado Blvd. Unit 6 is unfinished, and will require in-depth remodeling to make it suitable for tenant use.
Staff estimates the total cost for remodeling the 10,800 sf space at around $1,200,000. Ordinance 2313 authorizes the expenditure of this amount to complete the remodel and prepare the space for use as Council sees fit. The additional $59,000 figure is to cover the same amount already charged to the project account.
Council envisions potentially leasing this space to local non-profit organizations. Based on Council direction, a portion of all potential rent revenue could be used to defray the costs from the remodel. If Council were to not approve this ordinance, any potential tenant would be responsible for remodeling the space.
Staff Responsible (Department Head): Cathy Blakeman
Staff Member Presenting: John Bourjaily
Financial Impact: $1,259,000
Funding Source: General Fund
Staff Recommendation: Approve the ordinance
Suggested Motion: Approve the ordinance on first reading by Council as seated