HomeMy WebLinkAbout184-06 RESOLUTION•
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RESOLUTION NO. 184-06
A RESOLUTION TRANSFERRING $1.1 MILLION OF THE
REMAINING BALANCE OF THE PROCEEDS FROM THE SALE
OF THE WILSON SPRINGS PROPERTY FROM GENERAL
FUND DESIGNATED FUND BALANCE TO THE SALES TAX
DESIGNATED FUND BALANCE TO FUND A PORTION OF THE
CONSTRUCTION COSTS OF A POLICE AND COURT FACILITY
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby directs that 1.1
million dollars of the remaining balance of the proceeds from the sale of the Wilson jgggroperty
be transferred to the Sales Tax Designated Fund Balance to fund a portion of the`ii't3osts
G� S
of apolice and court facility. h-> 'G� Y '
Eci ez�:
PASSED and APPROVED this 7ih day of November, 2006. 'e ' FAYETTEVILLE:
t t:
APPROVE1: ATTEST: �y;;l'GTON
�nuwu.d•.
By:
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SONDRA SMITH, City Clerk
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Paul A Becker
Submitted By
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
11/7/2006
City Council Meeting Date
Finance
Division
Action Required:
Finance Department
Department
Approval of a resolution transferring the remaining balance of the proceeds from the sale of the Wilson Springs
properties from General Fund Designated Fund Balance to Sales Tax Designated Fund Balance.This will replace
resolution185-04 adopted on November 16, 2004.The transfered amount would be used to help fund the costruction
of a Police and Court Facility.
N/A
Cost of this request
Account Number
Project Number
Budgeted Item
Category / Project Budget
Program Category / Project Name
Funds Used to Date Program / Project Category Name
Remaining Balance Fund Name
Budget Adjustment Attached
Department Director
c) Gem
City Attorney
Finance and Internal Service Director
Date
b -ti -2,051,
Date
64
Mayor
Date
Previous Ordinance or Resolution # 185-04
Original Contract Date:
Original Contract Number:
Received in} v s Office
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1��7c'✓1.
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Received in Mayor's • ice
rm
Comments:
MieleMie
THE CITY OF FAYEI /EVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Mayor Dan Coody and Fayetteville City Council
From: Paul Becker, Finance Director
Date: October 20, 2006
Subject: Funding for Police Judicial Facility
Recommendation
Staff recommends approval of two resolutions and one ordinance which would provide for the
transfer of the remaining balance of designated funds in the General Fund to the Sales Tax Capital
Fund and designate those funds for the construction of a Police and Court Facility. Staff also
recommends the proceeds of any future sale of parcel 20W in the South Industrial Park and the
Tyson Site be deposited in the Sales Tax Capital Fund and designated for that purpose.
Discussion
The funds in the current General Fund Designated Fund balance represent the remaining balances of
the proceeds from the sales of Wilson Springs and Cato Springs properties. This amounts to
$3,262,124 at this time. If monies from a potential sale of the Tyson Site and parcel 20W in the
South Industrial Park (which is estimated at a combined total of $1,100,000) could be dedicated to
the Police and Court Facility a total of $4,362,124 would be provided for this project. This would
fund approximately 50% of the estimated project cost.
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RESOLUTION NO.
A RESOLUTION TRANSFERRING THE REMAINING BALANCE OF THE
PROCEEDS FROM THE SALE OF THE WILSON SPRINGS PROPERTY
FROM GENERAL FUND DESIGNATED FUND BALANCE TO THE SALES
TAX DESIGNATED FUND BALANCE TO FUND A PORTION OF THE
CONSTRUCTION COSTS OF A POLICE AND COURT FACILITY.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,
ARKANSAS:
Section 1. That the City Council of the City of Fayetteville, Arkansas hereby directs
that the remaining balance of the proceeds from the sale of the Wilson Springs Property be
transferred to the Sales Tax Designated Fund Balance to fund a portion of the construction
costs of a police and court facility.
PASSED and APPROVED this 7th day of November, 2006
AN diODY, Mayor
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L(11/13/2006) Amber Wood - Res. 184-06 Page 1 j
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From: Amber Wood
To: Becker, Paul
Date: 11/13/2006 2:54 PM
Subject: Res. 184-06
Attachments: 184-06 Wilson Springs Property.pdf
CC:
Paul,'
Bell, Peggy; Deaton, Vicki; Pearman, Clarice
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Attached is a copy of Res. 184-06 passed by the City Council on November 7, 2006. If you have any questions please feel
free to give me a call at the number listed below. Have a great day!
Thanks,
Amber Wood
Deputy City Clerk
City of Fayetteville
City Clerk Division
Phone: (479) 575-8323
Fax: (479) 718-7695 •
awood@ci.fayetteville.ar.us
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