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113 West Mountain Street
Fayetteville,AR 72701
(479)575-8323
Resolution: 311-20
File Number: 2020-1039
RECYCLING AND TRASH COLLECTION FUND REIMBURSEMENT:
A RESOLUTION TO APPROVE REIMBURSEMENT TO THE RECYCLING AND TRASH
COLLECTION FUND FOR THE PROPERTY LOCATED AT RAZORBACK ROAD AND
INDIAN TRAIL THAT IS BEING CONVEYED TO THE UNIVERSITY OF ARKANSAS,AND
TO APPROVE A BUDGET ADJUSTMENT
WHEREAS,the City and the University of Arkansas have entered into an agreement in which the
University has agreed to convey approximately 62.4 acres on the western slope of Markham Hill to
the City and the City has agreed to convey approximately 10 acres at the southeast corner of
Razorback Road and Indian Trail to the University of Arkansas;and
WHEREAS,the City's property was originally purchased in 1981 for the amount of$71,573.47 for
use by the Recycling and Trash Collection Division but was never used for that purpose;and
WHEREAS,it would be appropriate to reimburse the Recycling and Trash Collection Fund for the
historical costs paid as adjusted for inflation to current value in dollars.
NOW THEREFORE,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 approves a
reimbursement to the Recycling and Trash Collection Fund in the amount of$204,700.12 which is the
historical cost of the property located at Razorback Road and Indian Trail as adjusted for inflation to
current value.
Section 2: That the City Council of the City of Fayetteville,Arkansas hereby approves a budget
Page 1 Printed on 12/17/20
Resolution: 311-20
File Number: 2020-1039
adjustment,a copy of which is attached to this Resolution.
PASSED and APPROVED on 12/15/2020
Approve Attest:
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Lioneld Jord , M or Kara Paxton, City Clerk Treasurer ; FAike
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Page 2 Printed on 12/17/20
oFF�YETTE�, City of Fayetteville, Arkansas 113West Mountain Street
Fayetteville,AR 72701
(479)575-8323
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Text File
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File Number: 2020-1039
Agenda Date: 12/15/2020 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: A.8
RECYCLING AND TRASH COLLECTION FUND REIMBURSEMENT:
A RESOLUTION TO APPROVE REIMBURSEMENT TO THE RECYCLING AND TRASH
COLLECTION FUND FOR THE PROPERTY LOCATED AT RAZORBACK ROAD AND INDIAN
TRAIL THAT IS BEING CONVEYED TO THE UNIVERSITY OF ARKANSAS,AND TO APPROVE
A BUDGET ADJUSTMENT
WHEREAS,the City and the University of Arkansas have entered into an agreement in which the University
has agreed to convey approximately 62.4 acres on the western slope of Markham Hill to the City and the City
has agreed to convey approximately 10 acres at the southeast corner of Razorback Road and Indian Trail to
the University of Arkansas;and
WHEREAS,the City's property was originally purchased in 1981 for the amount of$71,573.47 for use by
the Recycling and Trash Collection Division but was never used for that purpose;and
WHEREAS, it would be appropriate to reimburse the Recycling and Trash Collection Fund for the historical
costs paid as adjusted for inflation to current value in dollars.
NOW THEREFORE,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 approves a reimbursement to the
Recycling and Trash Collection Fund in the amount of$204,700.12 which is the historical cost of the property
located at Razorback Road and Indian Trail as adjusted for inflation to current value.
Section 2: That the City Council of the City of Fayetteville,Arkansas hereby approves a budget adjustment,a
copy of which is attached to this Resolution.
City of Fayetteville,Arkansas Page 1 Printed on 12/16/2020
City of Fayetteville Staff Review Form
2020-1039
Legistar File ID
12 15 2020
City Council Meeting Date-Agenda Item Only
N/A for Non-Agenda Item
Paul Becker 11/25/2020 CHIEF FINANCIAL OFFICER (110)
Submitted By Submitted Date Division/ Department
Action Recommendation:
Administration requests the Council to approve reimbursement to the Recycling and Trash Collection Fund for the
historical cost in today's dollars for the property located on Razorback Road and Indian Trails and to approve a
budget adjustment. The property was purchased in 1981 for$71,573.47. The Bureau of Labor Statistics consumer
index indicates that the inflation rate between 1981 and now is 2.73% per year. Therefore, the historical cost paid
for the property converted to today's dollar would be $204,700.12.
Budget Impact:
4470.090.8900-5805.00 Sales Tax Capital Improvement
Account Number Fund
20020 Razorback Land Sale/Purchase U of AR (1421)
Project Number Project Title
Budgeted Item? No Current Budget $ -
Funds Obligated $ -
Current Balance
Does item have a cost? Yes Item Cost $ 204,700.00
Budget Adjustment Attached? Yes Budget Adjustment $ 204,700.00
Remaining Budget $
V201 80321
Purchase Order Number: Previous Ordinance or Resolution#
Change Order Number: Approval Date:
Original Contract Number:
Comments:
CITY OF
FAYETTEVILLE CITY COUNCIL MEMO
d ARKANSAS
MEETING OF DECEMBER 15, 2020
TO: Mayor and City Council
THRU: Mayor: Lioneld Jordon
FROM: Paul Becker, Chief Financial Officer
DATE: November 25, 2020
SUBJECT: To provide for a reimbursement to the Recycling and Trash Collection Fund for
the historical cost of the property located on Razorback Road and Indian Trails.
RECOMMENDATION:
The administration requests the Council to approve the reimbursement to the Recycling and Trash
Collection Fund for the historical cost in today's dollars for the property purchased in 1981 located
on Razorback Road and Indian Trails.
BACKGROUND / DISCUSSION:
The City is currently completing a transaction between the University of Arkansas and the City
which exchanges property on the Western Slope of Markham Hill to the City, and transfers
ownership of property on Razorback Road and Indian Trails to the University of Arkansas. It is
the intent of the City to use the newly acquired property on the western slope of Markham Hill for
the preservation of greenspace and tree canopy and the creation of nature and bike trails as
described in Resolution 197-20 approved by the City Council.
The property on Razorback Road and Indian Trails was originally purchased for use by the
Recycling and Trash Collection Fund but was never used for that purpose. Since the Trash and
Recycling Fund is an enterprise fund and the newly acquired property will be used for the purpose
aforementioned, which are of a general use purpose, it would be appropriate to reimburse the
Recycling and Trash Collection Fund for the historical costs paid as adjusted to today's value in
dollars. The property was purchased in 1981 for $71,573.47. The Bureau of Labor Statistics
consumer index indicates that the inflation rate between 1981 and now is 2.73% per year.
Therefore, the historical cost paid for the property converted to today's dollars would be
$204,700.12. This request is to reimburse the Recycling and Trash Collection Fund in that amount
for the value of the property at the Razorback Road and Indian Trails location and to record the
newly acquired property on the Western Slope of Markham Hill to a General Fixed Asset property.
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
BUDGET/STAFF IMPACT:
This transaction would provide a cash payment of$204,700.12 from the Sales Tax Capital Fund
to the Recycling and Trash Collection Fund and record the Western Slope of Markham Hill
property as a General Fixed Asset for the intended uses as described previously.
Attachments:
Staff Review form, Staff Memo, Budget Adjustment
2
City of Fayetteville, Arkansa_ _udget Adjustment Form (Legistar;
Budget Year Division Adjustment Number
/Org2 CHIEF FINANCIAL OFFICER (1 10)
2020
Requestor: Paul Becker
BUDGET ADJUSTMENT DESCRIPTION /JUSTIFICATION:
The administration requests the Council to approve reimbursement to the Recycling and Trash Collection Fund for the
historical cost in today's dollars for the property located on Razorback Road and Indian Trails and to approve a budget
adjustment. The property was purchased in 1981 for$71,573.47.The Bureau of Labor Statistics consumer index
indicates that the inflation rate between 1981 and now is 2.73% per year.Therefore,the historical cost paid for the
property converted to today's dollar would be$204,700.12.
COUNCIL DATE: 1 2/15/2020
LEGISTAR FILE ID#: 2020-1039
Roily Slack/
11/23/2020 10:05 AM
Budget Director Date
TYPE: D - (City Council)
JOURNAL #:
GLDATE:
RESOLUTION/ORDINANCE CHKD/POSTED: /
TOTAL 3,21 1,350 3,21 1,350 v.20201112
Increase / (Decrease) Project.Sub#
Account Number Expense Revenue Project Sub.Detl AT Account Name
4470.001.9470-4999.99 204,700 RE Use Fund Balance-Current
4470.090.8900-5805.00 204,700 20020 EX Land -Acquisition
5500.750.5000-6881.02 133,127 20020 RE Gain/Loss Assets-Gain/Loss Sale of Asset
5500.750.5000-4999.99 (133,127) RE Use Fund Balance-Current
4470.001.9470-4881.02 3,006,650 20020 RE Gain/Loss-Sale of Assets
4470.090.8900-5805.00 3,006,650 - 20020 EX Land -Acquisition
H:\Budget Adjustments\2020_Budget\City Council\12-15-2020\2020-1039 BA Razorback Rd_Indian Trails for West Markham Hill 1 of 1