Title
Resolution Appropriating $1,163,402.28 (one million, one hundred sixty three thousand, four hundred and two dollars and twenty eight cents) In Delinquent Special Assessment Payments Received for the H2O Community Development Authority From The City’s General Fund Unassigned Fund Balance to the H2O Community Development Account
Purpose
PURPOSE/BACKGROUND:
The owners of the property known as the H2O project in the Coliseum Central area of the City paid $1,163,402.28 in delinquent special assessment payments due to the H2O Community Development Authority (CDA) in November 2015. These delinquent payments due from prior years were not included in the Fiscal Year 2016 Council Approved Budget and, therefore, would accrue to the City Unassigned Fund Balance. However, these delinquent payments are due to the H2O CDA and so Council needs to appropriate these funds so they can be disbursed to the CDA
Discussion:
The City acts as a pass through for the CDA, so this action simply allows money due to the CDA to be disbursed to them as required.
Impact:
Zero fiscal impact because the City serves as a pass through for the CDA
Recommendation:
Rec
Approve on Consent Agenda
Body
WHEREAS, the owners of the property known as the H2O project in the Coliseum Central area of the City had accumulated $1,163,402.28 (one million, one hundred sixty three thousand, four hundred and two dollars and twenty eight cents) in delinquent special assessment payments due to the H2O Community Development Authority (CDA);
WHEREAS, the owners have paid their delinquent payments to the City Treasurer in November 2015;
WHEREAS, the delinquent payments due from prior years were not included in the Fiscal Year 2016 Council Approved Budget;
WHEREAS, the delinquent payments paid would accrue to the City Unassigned Fund Balance; and
WHEREAS, the delinquent payments are due to the H2O CDA.
NOW, THEREFORE, be it resolved by the City Council of the City of Hampton, Virginia, that $1,163,402.28 (one million, one hundred sixty three thousand, four hundred and two dollars and twenty eight cents) shall be appropriated from the General Fund Unassigned Fund Balance to the H2O Community Development Authority Account.