Title
Ordinance Amending Coliseum Improvements Bond Fund Capital Project Budget (Series 2016) in the amount of $15,600,000
Body
Department: Financial and Administrative Services
Council District: N/A
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Matthew Brown, Coliseum Director 373-7406
PURPOSE:
To amend the Coliseum Improvements Bond Fund Capital Project (Series 2016), in the amount of $15,600,000, for improvements authorized by the City Council on April 5, 2016, including renovation to existing Coliseum Complex structures as well as site improvements, the acquisition and installation of equipment, and debt issuance costs.
BACKGROUND:
On April 5, 2016, the City Council authorized the issuance of $20,000,000 limited obligation bonds and payment of expenses related thereto, to fund improvements to the Greensboro Coliseum Complex. This ordinance amends and increases the capital project budget from $4,400,000 to $20,000,000.
BUDGET IMPACT:
Payment of the debt service on the proposed bond will be included in future annual budgets. A budget adjustment is required to move funding into the correct accounts.
RECOMMENDATION / ACTION REQUESTED:
The Coliseum and Finance Departments request City Council approval of the attached budget ordinance amending the Coliseum Improvement Bond Fund Capital Project Budget (Series 2016), in the amount of $15,600,000
COMMITTEE ACTION: This item was referred to Council by the Infrastructure Committee.