Minutes 11/12/2013 - Laserfiche WebLink

Home Browse Search

November 12, 2013 Discussion: • The City currently pays $45,638.04 annually for 4,320 square feet located at #28 Prospect Parkway. In addition, the City is responsible for real estate taxes and stormwater fees assessed on the building, which totals approximately $4,800 annually. Therefore, in total, the City currently expends $50,438 per year to lease this property. • The current lease allows for an annual escalation of the lease amount equal to 50% of the percentage change in the Consumer Price Index on June 30 of each year, not to exceed 5% annually. • Based on current year's lease cost, the City will recover its purchase price for the property in less than six years. Financial Impact: • Library operations are currently included in the General Fund operating budget, and will not increase as a result of this transaction. • There will be an annual lease savings in the City's operating budget of $50,438. • These savings will allow the City to recover its investment cost in less than six (6) years. Recommended Action: • Adoption of the ordinance. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action: • Finance will complete the necessary budget adjustments. Motion by Ms. Psimas, and seconded by Mr. Meeks, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO APPROPRIATE THE SUM OF $302,640.18 IN THE FY 2013-14 OPERATING BUDGET GENERAL FUND FOR THE PURCHASE OF THE CRADOCK BRANCH LIBRARY PROPERTY AT 28 PROSPECT PARKWAY." Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Randall, Wright Nays: None 13 - 462 -Adoption of a resolution supporting participation in the Virginia Department of Transportation Fiscal Year 2015 Revenue Sharing Program for the Replacement of the Churchland Bridge (Northbound Lanes). Vision Principles: Neighborhoods and a Sense of Community, and a Robust Economy for Working Men and Women. Background: • The Replacement of the Churchland Bridge project is currently under design. • The VDOT Revenue Sharing Program provides an opportunity for localities to provide local funds to match state funds for priority projects. Discussion: • VDOT issues a call to localities to submit Revenue Sharing applications for qualifying projects in advance of their upcoming budget. • City staff identifies projects and submits the required applications and other supporting materials to VDOT for consideration. • This project has previously received Revenue Sharing funds for design and right of way clearance. • The City is seeking to secure funding for the construction of this project. • A resolution from City Council outlining the request to participate and its support of the project identified for funding from the Revenue Sharing program is required to complete the application process.