Title
Resolution to Amend the Fiscal Year 2027 Council Approved Budget to Appropriate $175,000 from the Economic Development Fund Balance to Capital Contingency in the Capital Projects Fund
Purpose
PURPOSE/BACKGROUND:
Capital Projects Fund Contingency funds were advanced to support the Phase II Archaeological Study of the Harbor Square site and facilitate timely procurement. The study will identify potential artifacts within the developable area of the site to help inform future development decisions. This action reimburses the Capital Projects Fund Contingency account from the Economic Development Fund Balance, which will receive the proceeds from any potential future sale of the property.
Discussion:
Council is being requested to appropriate $175,000 from the Economic Development Fund Balance to the Capital Projects Fund Contingency account to reimburse funds advanced to support the Phase II Archaeology Study of the Harbor Square site.
Impact:
$175,000
Recommendation:
Rec
Approve Resolution
Body
WHEREAS, the City is evaluating the Harbor Square site for future development opportunities;
WHEREAS, a Phase II Archaeological Study is necessary to identify and evaluate potential archaeological resources within the developable area of the site and to help inform future development decisions;
WHEREAS, to facilitate timely procurement and initiation of the study, funds were advanced from the Capital Projects Fund Contingency account to support the Phase II Archaeological Study;
WHEREAS, City Council is requested to appropriate $175,000 from the Economic Development Fund Balance to reimburse the Capital Projects Fund Contingency account for the funds advanced for that purpose; and
WHEREAS, the Economic Development Fund Balance is an appropriate source for the reimbursement because proceeds from any potential future sale of the...
Click here for full text