Title
Ordinance in the Amount of $100,000 Amending the FY 15-16 General Capital Improvement Fund Budget
Body
Department: Planning
Council District: 4
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Sue Schwartz, FAICP 373-2149
Contact 2 and Phone: B. Lamont Taylor 373-2538
PURPOSE:
Amend the FY 15-16 General Capital Improvement Fund Budget to establish a budget to account for rental income and expenses associated with the temporary maintenance of the property located at 2416 W. Gate City Boulevard.
BACKGROUND:
In December 2014, City Council approved the acquisition of 2416 W. Gate City Boulevard for economic development purposes in conjunction with a condemnation of streetscape right-of-way. The parcel includes a building occupied by a tenant which current generates rental income of $3,650 per month plus utilities. When the streetscape project is complete, the City intends to sell this property with the adjacent Coliseum Inn property in a competitive Request for Qualifications/Proposals (RFQ/P) process which will be used to select a master developer to redevelop the site.
BUDGET IMPACT:
Anticipated maintenance expenses will be offset by rental income.
RECOMMENDATION / ACTION REQUESTED:
Staff recommends approval of the budget ordinance.
COMMITTEE ACTION: This item was referred to Council by the General Government and Infrastructure Committees.