Item 04 Approval to Transfer the Initial Funding for Purchase of the Gettings Recording Studio ocoee
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AGENDA ITEM COVER SHEET
Meeting Date: May 7, 2019
Item # 9
Reviewed By:
Contact Name: Craig Shadrix, ACM Department Director:
Contact Number: 407-905-3111 City Manager:
Subject: Approval to Transfer the initial funding for purchase of the Gettings Recording Studio
Background Summary:
On March 5, 2019, the Ocoee City Commission approved purchase of the City of the Gettings Recording Studio
and directed staff to prepare and execute a contract for purchase in addition to a lease agreement for the studio.
Staff has completed preparing the purchase agreement and lease and wishes to set a 60-day inspection period
and quick closing. The purchase calls for an up-front payment of $1.5 million with five subsequent payments of
$200,000 annually. Existing unexpended capital project funds (account line 317-000-516-6100) are available for
reallocation to cover the initial $1.5 million, as well as the cost of a survey and Level 1 environmental assessment.
Issue:
Should the honorable Mayor and City Commission authorize transfer of existing unexpended funds from the City's
capital project fund (account line 317-000-516-6100) to cover the initial payment and due diligence not to exceed
$1,550,000?
Recommendations
Staff recommends that the honorable Mayor and City Commission authorize transfer of existing unexpended
funds from the City's capital project fund (account line 317-000-516-6100) to cover the initial payment and due
diligence not to exceed $1,550,000.
Attachments:
N/A
Financial Impact:
Existing unencumbered funds in the amount of$1.9 million are available in the City's capital project fund (account
line 317-000-516-6100).
Type of Item: (please mark with an x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading aG 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. I MIntk. N/A
Reviewed by O N/A
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