HomeMy WebLinkAbout05/13/2008 15 SIED Infrastructure Projects; Budget Amendment and Appropriations BUSINESS OF THE CITY COUNCIL
• YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. V`I5
For Meeting of Mav, - 2 008
ITEM TITLE: An Ordinance amending the 2008 Budget and Making Appropriations in the 123 -
Economic Development Fund and the 142 - Arterial Street Fund to provide for Supporting Investments in
Economic Diversification (SIED) Infrastructure projects
SUBMITTED BY: Michael Morales, Deputy Director of Community & Economic Development
Cindy Epperson, Deputy Director of Accounting & Budgeting Q
CONTACT PERSON/TELEPHONE: Michael Morales, 575 -3533
SUMMARY EXPLANATION:
At their March 18, 2008 meeting, Council approved submitting two separate applications for SIED
funding. One was to obtain a $25,000 grant to engage a consultant to evaluate the location and costs
of key public infrastructure needed to support redevelopment of the old sawmill in Northeast Yakima.
The other was a combination loan and grant for a total of $428,000 to build a new street (23r Avenue)
off of Ahtanum Road and extend Oak Street so it provides a full loop within the business park to
support a new manufacturing in that vicinity. Italstone, the new manufacturer, will enter into a loan
el agreement with the City to provide debt service for the loan portion of the proceeds.
The SIED board approved both applications, therefore a budget amendment is necessary to
accomplish the projects. The attached ordinance authorizes additional appropriations totaling $25,000
within the Economic Development Fund for professional services, and $428,000 within the Arterial
Street Fund for street construction. This is a "balanced" appropriation, with corresponding resources to
match the project costs.
Resolution Ordinance X Other (Specify)
Mail to (name and address): Phone:
Funding Source SIED grants/loans in the 123 Economic Development & 142 Arterial
Street Funds
APPROVED FOR SUBMITTAL: ��-, + City Manager
J
STAFF RECOMMENDATION: Read the attached ordinance by title only at the May 6, 2008
Council Meeting. Pass ordinance after second reading at the May 13, 2008 Council Meeting.
III BOARD /COMMISSION /COMMITTEE RECOMMENDATION:
COUNCIL ACTION:
• ORDINANCE NO. 2008
AN ORDINANCE amending the 2008 budget for the City of Yakima; and making
appropriations of $25,000 within the 123 Economic
Development Fund and $428,000 within the 142 — Arterial
Street Fund for expenditure during 2008 to provide for
Supporting Investments in Economic Diversification (SIED)
funded Infrastructure projects.
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WHEREAS, the City of Yakima applied for and received grant/loan funding from
the Yakima County SIED board for two separate projects to promote economic
development in the amounts of $25,000 and $428,000, and
WHEREAS, the amount of $25,000 must be appropriated within the 123 —
Economic Development Fund for expenditure during 2008 to provide for evaluation of
the location and costs of key public infrastructure needed to support redevelopment of
the old sawmill in Northeast Yakima, and
WHEREAS, the amount of $428,000 must be appropriated within the 142 —
Arterial Street Fund for expenditure during 2008 to provide for street improvements to
support a new manufacturing facility in the vicinity of the Yakima Airport, and
® WHEREAS, at the time of the adoption of the 2008 budget it could not
P 9
reasonably have been foreseen that the appropriation provided for by this ordinance
would be required; and the City Council declares that an emergency exists of the type
contemplated by RCW 35.33.091 and that it is in the best interests of the City to make
the appropriation herein provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1: The amount of $25,000 is hereby appropriated from the
Unappropriated Fund Balance in the 123 — Economic Development Fund to the
following accounts as a 2008 appropriation:
Resources:
Yakima County SIED Grant 123 - 123-699-0000- 33707 -ILG — $25,000
Expenditures:
Professional Services 123- 123 - 322 -0000- 55880 -410 — $25,000
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Cje SIED Approp Ord 08 5/12008
Section 2: The amount of $428,000 is hereby appropriated from the
410
Unappropriated Fund Balance in the 142 — Arterial Street Fund to the following
accounts as a 2008 appropriation:
Resources:
Yakima County SIED Grant 142 -142- 528 - 2249- 33707 -ILG - $214,000
Yakima County SLED Loan 142 - 142 - 528 - 2249 - 39180 -COU— $214,000
Total Resources $428,000
Expenditures:
• Street Construction Project 142 - 142 - 528 - 2249 - 59530 -650 — $428,000
Section 3: This ordinance is one making an appropriation and shall take effect
immediately upon its passage, approval and publication as provided by law and by the
City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this day of
, 2008.
DAVID EDLER, MAYOR
ATTEST:
CITY CLERK
First Reading:
Publication Date:
Effective Date:
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Cje SIED Approp Ord 08 5/1/2008