From
Kathleen C. Mercer
Title
Ordinance amending the FY 2017/2018 Capital Improvement Projects Budget and the Capital Lending and Reserve Fund; Reallocation of funds for Redevelopment Projects
Presenter
Andrew Fortune, Assistant to the City Manager
Recommended Action
Approve
Analysis
The City has made significant investments to revitalize Grand Prairie in the past few years with the restoration of the Uptown Theater, adding parking, working with building owners to create new facades, rebuilding sidewalks, and improving drainage. The Redevelopment Task Forces, created by the City Manager, aim to continue these efforts through a more comprehensive redevelopment focus.
Staff has met with the City Manager and Budget Director to identify several potential funding sources for these redevelopment projects. Staff is now requesting that the various funding sources be available for the proposed projects. This move will allow the Task Forces to broaden the scope of the initial Downtown revitalization efforts and façade programs, focusing on four city-wide target areas: Downtown, Commercial/Retail, Neighborhoods, and Apartments/Motels.
Financial Consideration
Funding in the amount of $1,775,000 is available as follows:
1. $940,411 is available in the Municipal Facilities Capital Projects Fund (405090) WO #01402403 (Downtown Main Street Phase IV), move to WO #01816803 (Redevelopment Projects)
2. $500,000 is available by approving an ordinance transferring and appropriating from the Capital Lending and Reserve Fund (402690) to the Municipal Facilities Capital Projects Fund (405090) WO #01816803 (Redevelopment Projects)
3. $234,589 is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Municipal Facilities Capital Projects Fund (405090) to WO #01816803 (Redevelopment Projects)
4. $100,000 is available by approving an ordinance transferring and appropriating from the Capital Reserve Fund (402590) to the Mun...
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