Description: AGENDAHED.JPG
  

Item No:                    5C.

 

Meeting Date:           March 25, 2013

 

From:                          Bill Spinelli, CPA Finance Director

 

Subject:                      Ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA

 

 


Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2008 Revenue Note for the Carver Heights/Montclair Area CRA.

 

Analysis:

The following adjustments are required to reallocate the 2008 Revenue Note among the projects based on actual and projected expenditures

 

Project Category

Original Budget

 

Proposed Budget

 

Difference

Beecher St Properties

$             74,263

 

$             79,263

 

$           5,000

Land Purchases

622,437

 

826,842

 

204,405

Eligible Projects

181,178

 

206,708

 

25,530

Redevelopment Plan

  Amendment & Marketing

 

20,000

 

 

20,000

 

 

0

Underground Utility Lines

50,000

 

15,065

 

(34,935)

Entrance Improvements

120,000

 

45,000

 

(75,000)

Park Improvements

100,000

 

75,000

 

(25,000)

Infrastructure Projects/Improve

224,000

 

124,000

 

(100,000)

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

 

 

 

 

 

 

 

 

The information above reflects total budget for the 2008 Revenue note.  An attachment has been provided which details budget versus actual.

 

Beecher Street Properties:

Based on the transfer total of $5,000 which is due to funding support for the Carver Heights Computer Lab Program, the revised budget is $79,263. 

 

 

Land Purchases:

Based on the transfer total of $204,405 which is due to the grant funding match requirement for the Neighborhood Stabilization Program (NSP3) Agreement, the revised budget is $826,842. 

 

Eligible Projects:

Based on the transfer total of $25,530 which is due to the designation of the Lake County Enterprise Zone, and completion of remaining Housing Rehabilitation Program projects, the revised budget is $206,708. 

 

Underground Utility Lines:

The reduction of $34,935 is due to the Florida Department of Economic Opportunity Development Block Grant of $750,000, the revised budget is $15,065. 

 

Entrance Improvements:

The reduction of $75,000 is due to a reduced scope of work for entry way improvements, the revised budget is $45,000. 

 

Park Improvements:

The reduction of $25,000 is due to the Lake County Community Development Block Grant funding match requirement; the revised budget is $75,000. 

 

Infrastructure Projects/Improve:

The reduction of $100,000 is due to contingency costs for the Florida Department of Economic Opportunity Development Block Grant, the revised budget is $124,000. 

 

 

Options:

  1. Adopt the attached ordinance reallocating the 2008 Revenue Note for the Carver    Heights/Montclair Area CRA; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

Due to the IRS certificate attached to the various Bond Issues and Bank Notes, both bond and disclosure counsel have suggested formal adoption and recognition of changes in funding between projects by the governing body in charge.  This practice has been in place since the issuance of the 2004 Capital Improvement Bonds.  There is no fiscal impact on the Carver Heights/Montclair Area CRA.

 

 

 

Submission Date and Time:    3/21/2013 8:26 AM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. _________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


ORDINANCE NO._______________

 

ordinance of the City commission of the city of leesburg, florida, REALLOCATING the 2008 Revenue note BETWEEN VARIOUS PROJECTS; and providing an effective date.

 

      WHEREAS, it is now necessary to reallocate the 2008 Revenue Note for the Carver Heights/Montclair Area CRA as follows:

 

Project

Original Budget

 

Proposed Budget

 

Difference

Beecher St Properties

$             74,263

 

$                79,263

 

$           5,000

Land Purchases

622,437

 

826,842

 

204,405

Eligible Projects

181,178

 

206,708

 

25,530

Redevelopment Plan

  Amendment & Marketing

 

20,000

 

 

20,000

 

 

0

Underground Utility Lines

50,000

 

15,065

 

(34,935)

Entrance Improvements

120,000

 

45,000

 

(75,000)

Park Improvements

100,000

 

75,000

 

(25,000)

Infrastructure Projects/Improve

224,000

 

124,000

 

(100,000)

 

$        1,391,878

 

$           1,391,878

 

$                 -0-   

.

Beecher Street Properties:

Based on the transfer total of $5,000 which is due to funding support for the Carver Heights Computer Lab Program, the revised budget is $79,263. 

 

 

Land Purchases:

Based on the transfer total of $204,405 which is due to the grant funding match requirement for the Neighborhood Stabilization Program (NSP3) Agreement, the revised budget is $826,842. 

 

Eligible Projects:

Based on the transfer total of $25,530 which is due to the designation of the Lake County Enterprise Zone, and completion of remaining Housing Rehabilitation Program projects, the revised budget is $206,708. 

 

Underground Utility Lines:

The reduction of $34,935 is due to the Florida Department of Economic Opportunity Development Block Grant of $750,000, the revised budget is $15,065. 

 

Entrance Improvements:

The reduction of $75,000 is due to a reduced scope of work for entry way improvements, the revised budget is $45,000. 

 

Park Improvements:

The reduction of $25,000 is due to the Lake County Community Development Block Grant funding match requirement; the revised budget is $75,000. 

 

Infrastructure Projects/Improve:

The reduction of $100,000 is due to contingency costs for the Florida Department of Economic Opportunity Development Block Grant, the revised budget is $124,000. 

 

And ,

 

WHEREAS, there is no fiscal impact on the Carver Heights/Montclair Area CRA

 

NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

 

SECTION I.

This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

 

PASSED AND by the City Commission of the City of Leesburg, Florida at the regular meeting held the ____ day of  ________2013.

 

                                                                            __________________________

                                                                             Mayor

ATTEST:

 

__________________________________

City Clerk