TO: Urban Renewal Agency Board
THROUGH: Keith Stahley, Executive Director
FROM: Kristin Retherford, Director Urban Development
SUBJECT:
title
Amend the FY 2023 Riverfront and Fairview Urban Renewal Area (URA) project budget allocations
Ward(s): Ward 1, 2, 3,
Councilor(s): Stapleton, Nishioka, Phillips
Neighborhood(s): CANDO, SSNA, Morningside
Result Area(s): Strong and Diverse Economy.
end
SUMMARY:
summary
The Riverfront URA needs to rebalance expenditure authority between two projects associated with the City’s plans for the UGM/Saffron site. The Fairview URA needs to illustrate and implement the URA Board’s decision in October 2021 to create a Commercial Grant Program. There is no change to the total expenditures in either URA budget. The two items are not related to one another.
end
ISSUE:
Shall the Agency Board approve an amendment to project allocations in the FY 2023 Riverfront URA and Fairview URA budgets?
RECOMMENDATION:
recommendation
Approve an amendment to project allocations in the FY 2023 Riverfront URA and Fairview URA budgets.
body
FACTS AND FINDINGS:
In the FY 2023 Riverfront URA budget there were two projects associated with the UGM/Saffron site totaling $1,200,830. The Remediation and Holding budget was $500,000. The Redevelopment Planning budget was $700,830. The recent demolition bid came back at $871,000, exceeding the expenditure authority in either project. Reallocating $250,000 from the Remediation and Holding Costs project will allow one project to cover the cost of the demolition contract. The Redevelopment project total will now become $950,830. The Remediation project total will now become $250,000. There will be $329,830 budget authority remaining between the two projects after completion of the demolition contract.
In October 2021 the URA Board approved reallocation of $600,000 from Unspecified Future Projects to a new Commercial Grant Program. The FY2023 budget book did not capture the new project. This action will provide transparency to the Agency Board’s previous decision. There will be $1,962,770 remaining in Unspecified Future Projects.
Michael Brown
Financial Services Manager, UD
Attachments:
None