Minutes 05/23/2006 - Laserfiche WebLink

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May 23. 2006 Discussion: . City staff has determined that additional funding of $664,386 will be needed to cover the increase in relocation, demolition, stabilization and other property-related costs required to complete the project. . The additional funding for this project will be provided from land sale proceeds of $474,493 and other miscellaneous revenues of $189,893 that have been received to date in FY 2005-2006. . Financial Impact: The Midtown Redevelopment capital project appropriations will be increased by $664,386 - from $6,150,000 to $6,814,386 - to cover additional costs with existing funding sources. Staff Recommends: Adoption of an ordinance to amend and increase the FY 2005-2006 Capital Improvements Program through a supplemental appropriation of $664,386 in the Capital Improvements Fund to cover the additional relocation, demolition, stabilization and other property-related costs required to complete the Midtown Redevelopment capital project. Vision Principle: Robust and Prospering Economy. Next Steps Following Council Action: . The CFO will ensure that the budget action needed to increase the total appropriations in the Capital Improvement Fund by $664,386 is processed immediately upon adoption of the Ordinance. Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE AMENDING THE FY 2005-2006 CAPITAL IMPROVEMENT PROGRAM AND APPROPRIATING $664,386 IN THE CAPITAL IMPROVEMENTS FUND TO COMPLETE THE MIDTOWN REDEVELOPMENT CAPITAL PROJECT." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 06 - 232 - Adoption of an ordinance to amend City Code Section 35-7.1 (c) regarding the timing of the annual requirement for establishing the Personal Property Tax Relief Percentage for qualifying motor vehicles. Vision Principle: A Robust and Prospering Economy. Background: . Currently the City Code requires that the City Council establish the personal property tax relief percentage for qualifying motor vehicles annually as part of the City's budget process. . The State's Personal Property Tax Relief Act (PPTRA) now leaves the determination of the timing for establishing the personal property tax relief percentage for qualifying motor vehicles up to each locality. . Therefore, the City Treasurer requests greater flexibility in the overall process of establishing the annual personal property tax relief percentage and preparing personal property tax bills.