HomeMy WebLinkAboutR-2012-143 - Transfer of $2,253,000.00 City General Fund Unassigned Fund Balance Funds to Provide Temporary Loan Funding for Marina Improvement Project Construction RESOLUTION NO. 2012-143
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA
BEACH, FLORIDA, AUTHORIZING AND DIRECTING THE
APPROPRIATION, USE AND TRANSFER OF $2,253,000.00 FROM
AVAILABLE CITY GENERAL FUND UNASSIGNED FUND BALANCE
FUNDS TO THE CAPITAL PROJECTS FUND TO PROVIDE TEMPORARY
LOAN FUNDING FOR THE MARINA IMPROVEMENT PROJECT
CONSTRUCTION; PROVIDING FOR CONFLICTS; FURTHER, PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the City of Dania Beach completed the design and development plans for
the City Marina Improvement Project for a total amount of $650,836.00, with the City using
funding from three (3) grant sources: 1.) Florida Inland Navigation District, also known as
"FIND" in an amount of$96,000.00; 2.) Broward Boating Improvement Project, also known as
"BBIP" in an amount of $96,250.00; and 3.) Florida Fish and Wildlife Conservation
Commission, referred to as the "FWC" in an amount of $181,293.00, as well as City General
Fund appropriations in an amount totaling $277,293.00; and
WHEREAS, the City Commission approved advertising of the Marina Improvement
Project construction and the City received bid proposals from contractors for the Project; and
WHEREAS, the City administration estimates that the total cost of the Marina
Improvement Project construction will be approximately $7.5 Million, and will include the
following: 1.) construction bid award; 2.) construction project insurance; 3.) project construction
management; and 4.) contingency funds; and
WHEREAS, the City has available funding appropriations for the Marina Improvement
Project construction totaling $5,249,505.00 as follows:
Appropriation loan from City General Fund - $2,500,000.00
FIND Grant funding award—Year No. 1 (Oct. `12) - $1,382,505.00
BBIP Grant funding award (August `12) - $1,367,000.00; and
WHEREAS, the City Commission wishes to establish additional appropriations sufficient
to fund the total Marina Improvement Project construction by providing an additional General
Fund loan appropriation to this Project in the amount of$2,250,495.00; and
WHEREAS, the City of Dania Beach further plans to apply for and obtain an additional
FIND grant award in the coming 2013 calendar year (Year No. 2 award) for approximately $1.1
Million that, upon successful award, will be used to reimburse City General Fund costs of the
Marina Improvement Project construction; and
WHEREAS, the City of Dania Beach further plans to apply for and obtain bank loan
financing within four (4) months in an amount of approximately $2.4 million, plus related loan
costs, which net proceeds will be used to reimburse City General Fund loan appropriations of the
Marina Improvement Project construction;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH,FLORIDA:
Section 1. That the proper City officials are authorized and directed to transfer the
amount of$2,250,495.00 to the Capital Projects — Marina Improvement Project construction to
be used for costs of the Marina Improvement Project construction from available City General
Fund Unassigned Fund Balance funds.
Section 2. That the proper City officials are authorized and directed to seek, apply
and work toward obtaining an additional (Year No. 2) grant award from FIND that will be
eligible for and used for reimbursement to the City of costs incurred for the Marina Improvement
Project construction in 2013.
Section 3. That the proper City officials are authorized and directed to seek, obtain,
evaluate and make recommendation for bank loan financing within four (4) months in an amount
of up to $2.4 Million, plus related loan costs, which net proceeds will be used to reimburse City
General Fund loan appropriations related to the Marina Improvement Project construction.
Section 4. That all resolutions or parts of resolutions in conflict with this Resolution
are repealed to the extent of such conflict.
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Section 5. That this Resolution shall be in full force and take effect immediately
upon its passage and adoption.
PASSED AND ADOPTED on October 23, 2012.
ATTEST:
r/: Q
-;QLOUISE STILSON, CMC PATRICIA A. FLURY
CITY CLERK MAYOR
�o�ARp`5 Flgs�,
APPROVED AS TO ORM' D CORRECTNESS: �+ �-
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THOMA J. AySdRd
CITY ATTORNEY
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