HomeMy WebLinkAbout185-06 RESOLUTIONRESOLUTION NO.185-06
A RESOLUTION DIRECTING $1.1 MILLION DOLLARS OF THE
PROCEEDS FROM ANY FUTURE SALE OF PARCEL 20W IN
SOUTH INDUSTRIAL PARK AND THE TYSON SITE TO THE
SALES TAX CAPITAL FUND 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 proceeds from any future sale of Parcel 20W in South Industrial Park and
the Tyson site to the Sales Tax Capital Fund to fund a portion of the construction costs of a police
and court facility.
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PASSED and APPROVED this 7 day of November, 2006.
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FAYETTEVILLE:
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BY L ,� /��/ By:
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SONDRA SMITH, City Clerk
APPROVED:
ATTEST:
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 directing the proceeds of any future sale of parcel 20w in South Industrial Park and the
Tyson Site be deposited in the Sales Tax Capital Fund and designated for the construction of a Police and Court
Facility.
N/A
Cost of this request
Account Number
Project Number
Category / Project Budget
Program Category / Project Name
Funds Used to Date Program / Project Category Name
Remaining Balance Fund Name
Budgeted Item Budget Adjustment Attached
Previous Ordinance or Resolution #
Department Director Date Original Contract Date:
City Attorney
`PoJ
Finance and Internal Service Director
Dat
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Date
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Mayor ate
Original Contract Number:
Received in t`W Clerks lffice
Received in Mayor's Office
Comments:
THE CITY OF FAYEI I LVILLE, 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.
RESOLUTION NO.
A RESOLUTION DIRECTING THE PROCEEDS FROM ANY FUTURE SALE OF
PARCEL 20W IN SOUTH INDUSTRIAL PARK AND THE TYSON SITE TO THE
SALES TAX CAPITAL FUND 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
proceeds from any future sale of Parcel 20W in South Industrial Park and the Tyson site to the Sales
Tax Capital Fund to fund a portion of the construction costs of a police and court facility
PASSED and APPROVED this 7th day of November, 2006.
ATTEST:
APPROVED:
F'(11/13/2006) Amber Wood - Res. 185-06 Page 1'
From: Amber Wood
To: Becker, Paul
Date: 11/13/2006 2:55 PM
Subject: Res. 185-06
Attachments: 185-06 Industrial Park and Tyson Site.pdf
CC:
Paul,
Bell, Peggy; Deaton, Vicki; Pearman, Clarice
Attached is a copy of Res. 185-06 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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