HomeMy WebLinkAboutItem #07 Approval of Reallocation of Capital Funding for Downtown Redevelopment Projects ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: August 21, 2018
Item # 7
Reviewed By:
Contact Name: Rebecca Roberts Department Director: 0 I ��.
Contact Number: 1390 City Manager:
Subject: Reallocation of Capital Funding for Downtown Redevelopment Proj-cts
Background Summary:
The City began an aggressive Downtown Redevelopment/Improvement plan funded by a $25M bond issued in 2017.
Costs for the projects underwritten by the bond were based on best available estimates at that time. However, growth
and development throughout Florida has exceeded expectations and driven up the cost of construction products and
services. To meet the challenge of completing the development plan, the project management team formed a strategy
to fund the increased costs.
This strategy includes allocating $1,442,000 of Recreation Impact Fees and $2,635,571 of Road Impact Fees to
qualifying projects, thereby making available $3,577,571 of less-restricted 2017 Bond funding for reallocation to the
New City Hall, which was discovered to be significantly under-funded once cost estimates were developed during the
conceptual design phase.
Additional funding reallocations may be required in the future as the Downtown program's many capital projects
mature and residual funding is returned to the reserve or additional funding is required to complete a project.
Balancing allocations among the various projects and efficiently using the funding sources available at the time will be
a continuing and dynamic task.
Issue:
Should the City Commission approve allocating Recreation and Road Impact Fees to qualifying projects, and to
reallocating the displaced FY 2017 Bond funding from various projects to the New City Hall Project? Also, should the
City Commission authorize the City Manager to make funding adjustments among and between the downtown projects
up to the total amount of funding allocated to all those projects?
Recommendations:
Staff recommends the City Commission authorize staff to allocate Recreation and Road Impact Fees to qualifying
capital projects, and reallocate 2017 Bond funding from various projects to the New City Hall Project, as illustrated in
the schedule below. Further, staff recommends the Commission authorize the City Manager to make funding
adjustments among and between the downtown projects in the future up to the total amount of funding allocated
collectively to all those projects. The intent of the ongoing project-level budget re-allocation authority is to allow
funding sources to be best utilized as projects are accomplished. Project phasing may be used to spread
expenditures over time, as may be needed to maximize available funding or to accommodate interdependencies
among the several projects. Any changes in the scope of a project in the adopted program will be submitted to the
City Commission for its review.
Attachments:
None
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Financial Impact:
The following schedule illustrates the financial impact to the Bond Fund, Recreation Impact Fee Fund and the Road
Impact Fee Fund.
Funding Allocation/Reallocation Schedule
Capital Recreation Road Net Project
Project Bond Impact Fees Impact Fees Adjustment
Lakefront Park Improvements Phase 1 300,000 300,000
City Hall Relocation 3,577,571 3,577,571
Lakeshore Center Expansion 300,000 300,000
Oakland Avenue Reconstruction (740,571) 740,571 -
Maine Street Extension (700,000) 700000 -
Ocoee Woman's Club Rehabilitation 100K to 18702 (100,000) (100,000)
Bluford Dual Left-turn Lane (239,000) 239,000 -
Taylor Street Reconstruction (956,000) 956,000 -
Lakefront Park Improvements Phase 2 (842,000) 842,000 -
Total Allocated - 1,442,000 2,635,571 4,077,571
Type of Item: (please mark with an "x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading I Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
X Commission Approval
Discussion &Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
Reviewed by Finance Dept. N/A
Reviewed by ( ) N/A
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