HomeMy WebLinkAbout6-97 RESOLUTION L
RESOLUTION NO. 6-9 7 SCANNED
A RESOLUTION AUTHORIZING THE MAYOR AND CITY
ATTORNEY TO PURCHASE FROM THE OFF-STREET
PARKING DEVELOPMENT DISTRICT NO. 1 ITS SHARE OF
THE PARKING LOT LOCATED BETWEEN EAST AND
BLOCK STREETS, FOR AN AMOUNT NOT TO EXCEED
$133,500; AND APPROVAL OF A BUDGET ADJUSTMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the City Council hereby authorizes the Mayor and City Attorney to
purchase from the Off-street Parking Development District No. 1 its share of the parking lot
located between East and Block Streets, for an amount not to exceed $133,500. A copy of the
agreement is attached hereto marked Exhibit A and made a part hereof.
Section 2. The City Council hereby approves a budget adjustment in the amount
$133,500 increasing Parking Lot Improvements, Acct. No. 4470 9470 5819 00, Project No.
97071 0001 by decreasing Use of Fund Balance, Acct. No. 4470 0947 4999 99. A copy of the
budget adjustment is attached hereto marked Exhibit B and made a part hereof.
PASSED AND APPROVED this 21st day of January , 1997.
* '
. ,. APPROVED:
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Is ? �cr. , By:' anna, Mayor
I
ATTEST:
By:
Traci Paul, City Clerk
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City of Fayei..evi1k,Arkansas
Budget Adjustment Form `
Budget Year Department: Sales Tax Capital Improvement Fund Date Requested &XI j-uttme0#
1997 Division: 1-6-97
Program: •
Project or Item Requested: Project or Item Deleted:
Increase parking lot improvements by $133,500 None
to allow for the purchase of the Off-Street
Parking Development District No. One's share
of the parking lot located between East &
Block Avenue @ Rock Street.
Justification of this Increase: Justification of this Decrease:
Based on the City's bond counsel's opinion and Sufficent funds are available due to sales
the parking district's legal counsel's tax revenue and interest earnings for 1996
opinion, the City needs to acquire the parking coming in slightly above projections.
district's 60% share of the parking lot to
facilitate development and construction of the
proposed Town Center/Parking Garage at that
site.
Increase
i.
Account Name Amount Account Number Project Number
Parking Lot Improvements $133,500 4470 9470 5819 00 97071 0001
Decrease (Increase Revenue)
Account Name Amount Account Number Project Number
Use of Fund Balance ($133,500) 4470 b947o 4999 99
Approval Signatures Budget Office Use Only
Requ st B 0 Type: A B C D OE F
iflt-c. 1/(1,4 7 -
d et oordinator Date of Approval
Department Director Posted to General Ledger
v l\IN Il$/q7
Admin.Se ices Di r Entered in Category Log
Mayor4.
Budget Office Copy