Resolution - Budget Appropriation and Funding for Marina Improvement Project construction
CITY OF DANIA BEACH
Agenda Request Item
Type of Request: Approve Resolution
(Adopt Resolution, Adopt Ordinance (1st Reading) Adopt Ordinance (2nd Reading)
Award Bid /RFP, Presentation, Public Hearing)
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Requested Action (Identify appropriate Action or Motion) |
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Approve Resolution |
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Description of Action |
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Provides a comprehensive Marina Improvement construction project financing plan with funds coming from 3 sources: 1) State/County Grants, 2) Bank Loan financing paid by Marina User fees, and 3) City General Fund public resources. The financing plan calls for an added temporary 3-4 month loan from the General Fund while bank loan financing is developed and put in place by the City Financial Advisor. Loan proceeds will then repay the City’s temporary loan while the City Administration continues pursing and applying for further Grant funding awards during the course of the next year. |
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Purchasing Requests ONLY |
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Fund: (Select from: General, Water, Sewer, Stormwater, Grants, Capital) |
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Fiscal Impact/Cost Summary |
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Project total construction costs are estimated at approximately $7.5 million. Grants are expected to cover roughly $3.8 million of this cost over the course of the next year. Bank loans are planned to cover approximately $2.4 million. City public resources from the General Fund are slated to fund the remaining cost at a total of approximately $1.3 million… and allowing the City to return about $1.2 million of current appropriations to the General Fund Unassigned fund balance. |
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Exhibits Attached |
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Memo, Financing Summary schedule, Resolution |
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