HomeMy WebLinkAboutResolution No. 006-24 - Resolution - Amendments to the 2024-25 City Budget for Parks Maintenance-Downtown Energy Phase 2-N. Broadway Park and Ride
RESOLUTION
Authorizing a Budget Amendment for Parks Maintenance Addition to the Public
Works Transit Operations Center (PWTOC), Downtown Building Energy Transition
Phase 2, and North Broadway Park and Ride Expansion.
WHEREAS, recent allocations and awards via State bonding, federal tax credits, federal
grants, and Destination Medical Center funding have catalyzed the forward motion of
three projects; and
WHEREAS, financing plans have been developed as follows to support the advancement
of those projects as follows:
Parks Maintenance Expansion
Sources of Funds Amount
2013 Sales Tax $ 6,443,100
Future Acquisition Account $ 1,470,736
State Grant $ 14,000,000
City Bond Issuance $ 17,086,164
IRA Federal Tax Credits $ 1,000,000
TOTAL SOURCES $ 40,000,000
Uses of Funds Amount
Projects Costs and Land Acquisition $ 40,000,000
TOTAL USES $ 40,000,000
Downtown Building Energy Transition Phase 2
Sources of Funds Amount
City Bond Issuance (Phase 1) $ 11,400,000
Destination Medical Center CIP Amount
$ 3,200,000
(Phase 2)
Congressionally Directed Spending Federal
$ 2,000,000
Grant (Phase 2)
IRA Federal Tax Credits (Phase 2) $ 6,300,000
TOTAL SOURCES OF FUNDING $ 22,900,000
Uses of Funds Amount
Project Costs $ 22,900,000
TOTAL USES OF FUNDS $ 22,900,000
North Broadway Park and Ride
Sources of Funds Amount
Federal Grant $ 7,400,000
State Grant $ 800,000
2013 Sales Tax $ 3,800,000
TOTAL SOURCES OF FUNDIND $ 12,000,000
Uses of Funds Amount
Project Costs $ 12,000,000
TOTAL USES OF FUNDS $ 12,000,000
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, that the above listed financing plans are approved and the corresponding
amendments to the 2024-25 Adopted City Budget are authorized.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)