Title
Adopt the Event Center Construction Budget
Summary
Description of Topic: (who, what, where, when, why and how much)
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
___X__ Yes, planned amount $16 million, requesting $15,429,347.15 as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, the Public Cultural and Entertainment Facilities Cooperative District purchased a $16 million bond, which was approved under Resolution 15-0021 PCEFCD, and
WHEREAS, out of the bond proceeds the City's General Fund was reimbursed for property and associated legal expenses as well as the expenses associated with the bond purchase, and
WHEREAS, HPM has submitted a proposed budget for the construction of the new event center.
NOW THEREFORE BE IT RESOLVED that the Public Cultural and Entertainment Facilities Cooperative District, Foley, Alabama, as follows:
SECTION 1: Adopts the proposed construction budget in the amount of $15,429,347.15 and the plan of 90,565 SF total as attached and made a permanent part of this resolution upon adoption. The District understands that as construction bids come forth they will need to approve them as the construction project progresses.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.