From
Mona Lisa Galicia
Title
Contingency transfer of $50,000 for current and anticipated legal costs related to economic development matters.
Presenter
Donald Postell, City Attorney
Recommended Action
Approve
Analysis
The City has engaged outside counsel with regard to two economic development matters, the Grand Alps project and potential litigation with Chesapeake concerning the correct payment of royalties from gas production. The City's budgeted funding for outside counsel is insufficient for current invoices. $50,000 will pay all current invoices and those anticipated this month. Additional funding may be required depending on the development of these two projects.
Financial Consideration
Funding is available in the FY 2014/2015 General Fund Budget contingency reserve.