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Fort Walton Beach Council agenda — 11-10-2009 - special — reading text
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City has available fund balances in the following funds:
3. 3. 1 Community Redevelopment Agency Fund Balance = $ 2, 891, 899
3. 3. 2 Utilities Enterprise Fund Balance = $ 6, 100, 000
3. 3. 3 Stormwater Utility Fund Balance = $ 700,000
4. RECOMMENDATION:
4. 1 Staff requests City Council consideration of the City providing in -kind services in
the amount of $2, 000, 000 in the form of cash, labor, and materials to allow the
Sound Side Development to proceed with submitting the necessary items to HUD
to secure a conventional loan.
4. 1. 1 The in -kind services include labor and materials for demolition, site
grading, potable water, fire service, sanitary sewer, stormwater, sidewalks,
curb and gutter, and paving. The expenditures for these items would be
required over the 12 to 18 month construction schedule for the project.
4. 1. 1. 1 The demolition work will be contracted out via Invitation to Bid,
and the paving work will be completed by the City' s annual paving
contractor.
4. 1. 2 Cash would be required for the closing costs. The cash would be required
at closing, which would be in approximately six months.
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5. SIGNATURE BLOCK:
5. 1 Submitted By:
Timothy Bolduc, Building Official
5. 2 Reviewed and Concur: . ..... i'
Michael D. Beedie, P. E., City Engineer
5. 3 Reviewed and Concur: l ob
Bran y Wunker, Financial Services Director
5. 4 Reviewed for Agenda: O
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