HomeMy WebLinkAboutResolution No. 005-22 - Resolution - Budget Amendment for N Broadway Project and Transferring Funds to the Downtown Abatement Fund
North Broadway Reconstruction Project
Revised
Funding SourcesCurrent BudgetBudgetChange
Reserves (Broadway Turnback Funds J2202)$ 10,100,000$ 3,600,000 $ (6,500,000)
State DMC Funds$ 4,000,000$ 4,000,000 $ -
Operating Transfer from Sewer Utility$ 1,600,000$ 1,600,000 $ -
Water Utility$ 1,300,000$ 1,300,000 $ -
Assessments$ 1,400,000$ 1,400,000 $ -
2013 0.5% City Sales Tax$ -$ 6,500,000 $ 6,500,000
$ 18,400,000$ 18,400,000$ -
RESOLUTION
Adopting a budget amendment for the North Broadway Project and Transferring
Broadway Turnback funds to the Downtown Abatement Fund.
WHEREAS, the North Broadway project was originally approved in the existing Capital Improvement
Plan,
WHEREAS, the revised project budget creates more available funds for use from the Downtown Tax
Abatement Fund.
NOW THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester that the
following Capital Improvement Plan budget revision is adopted:
BE IT FURTHER RESOLVED that the budget transfers detailed below are authorized by the City
Council and hereby adopted:
Amount From To
$6,500,000 J2202-Broadway Turnback Company 500-Downtown Tax
Abatement District
$6,500,000 Company 423-2013 0.5% City Sales Tax J2202-Broadway Turnback
designated for Destination Medical
Center Projects
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2022.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2022.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)