From
Lee Harriss
Title
Resolution Approving Ratification of Capital Expenditure Funds for Improvements (Gift Shop) at Lone Star Park
Presenter
Greg Giessner
Kent Slabotsky, Vice President of Operations
Recommended Action
Approve
Analysis
At the August 6, 2018 board meeting, the board approved up to $1,446,259 of CAP EX projects from the FY19 CAP EX funds for capital projects. This project request is to move the gift shop from its current location to an unused betting window on the same floor. This will establish a permanent gift shop which will require less merchandise handling and can be locked and secured. The total project cost estimate is $28,000 with the Grand Prairie Sports Corp share being $14,000. In addition, they are cancelling the Silks ceiling tiles replacement project. Original estimate $50,000; bid received estimated $120,000, due to the large area and very labor intensive moving scaffolding from area to area. They will address this project at a later date. Other projects came in under budget. Lone Star would like to use funds from the previously approved CAP EX projects.
The Sports Corporation has approved a total of $1,446,259 for capital improvements at Lone Star Park. The funds were approved as part of the fiscal year budgets, which have the following remaining amounts:
FY16 $500,000 approved, $500,000 spent, $0 remaining
FY17 $500,000 approved, $500,000 spent, $0 remaining
FY18 $500,000 approved, $167,327.77 spent, $332,672.23 remaining
FY19 $500,000 approved, $0 spent, $500,000 remaining
Attached is the project description submitted by Lone Star for the board to consider for the joint CAP EX program.
Financial Consideration
The current year approved Capital Commitment Budget for Lone Star Park is $1,446,259. Of that amount, Lone Star has a balance of $832,672.23. Of that amount, Lone Star has requested $14,000 for the gift shop, leaving a balance of $818,672.23.
Body
A RESOLUTION OF THE GRAND PRAIRIE SPORTS FACILI...
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