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0 • <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br />AGENDA DATE REQUESTED July 23, 1990 <br />REQUESTED BY Jeff Litchfield DEPARTMENT Director of Finance <br />X REPORT <br />RESOLUTION <br />EXHIBITS: Letter to City Council dated July 16, 1990 <br />SUMMARY AND RECOMMENDATION <br />ORDINANCE <br />On July 16, 1990, during a workshop meeting, the City Council was presented <br />with a conceptual drawing of the possible renovation of the Old Bowling Alley <br />(Broadway) Property into a Senior Citizen/Wellness facility. Also presented <br />was a list of the proposed funding sources necessary to complete the project. <br />A summary of proposed Funding Sources is presented below: <br />Street and Alley Closings $ 448,979 <br />Settlement of Tinker/Lovelace lawsuit 249,666 <br />1985 General Obligation Bond Interest 175,000 <br />Sale of $1,500,000 in General Obligation Bonds 11500,000_ <br />Total <br />$ 2,373,645 <br />At this time, we need to take action necessary to earmark or reserve the funds <br />for the renovation. The first two items listed above can be set aside by <br />performing the steps listed below under Council Action. The third item is <br />currently in a Bond Fund. As to the fourth item, staff expects to be able to <br />dovetail the sale of the $1,500,000 in General Obligation Bonds with the <br />upcoming issue of Revenue Bonds for Water and Sewer Improvements. <br />ACTION REQUIRED BY COUNCIL: <br />Instruct the Director of Finance to: <br />deposit the proceeds from the sale of City property to International <br />Cargo Network ($362,400) in the General Fund Capital Improvement Fund, <br />Fund number 015, <br />amend the Current Year General Fund Budget by $336,245, which represents <br />prior year's Street and Alley Closing Revenue as well as Proceeds from <br />the Settlement of the Lawsuit, <br />transfer the funds just budgeted from the General Fund to the General <br />Fund Capital Improvement Fund, Fund 015, and, <br />set aside the above mentioned funds, totaling $698,645, in the General <br />Fund Capital Improvement Fund, for use in the renovation of the Broadway <br />property. <br />AVAILABILITY OF FUNDS: <br />XX GENERAL FUND UTILITY FUND <br />OTHER <br />ACCOUNT NUMBER: N/A FUNDS AVAILABLE: XX YES NO <br />APPROVED FOR CITY COUNCIL AGENDA <br />(5 Q4N4 k T' -1 Ili; \9 c) <br />ROBERT T HERRERA DATE <br />CITY MANAGER <br />