Item #08 Approval of Budget Adjustment for Funding of the City of Ocoee Downtown Master Plan oco c
florida
AGENDA ITEM COVER SHEET
Meeting Date: January 19, 2016
Item # 8
Reviewed By:
Contact Name: Craig Shadrix Department Director:
Contact Number: 3111 City Manager:
Subject: Budget Adjustment for Funding of the City of Ocoee Downtown aster Plan
Background Summary:
The City Commission's strategic planning efforts of 2015 resulted in a commitment to begin the revitalization
effort that should eventually result in creation of a downtown area that includes the area historically referred to as
"Downtown." The City has remained committed to studying, understanding, and executing the many steps
necessary to move forward in optimizing opportunity for quality downtown redevelopment. Of particular
discussion was that the City needed infrastructure change to occur for the 429 interchange study areas and the
downtown to begin to redevelop. This effort to date has included the following endeavors:
1. The Tri-City Economic Development Partnership--Completed
2. The Angelou Economics Economic Development Study of the Tri-City area.--Completed
3. The State Road 429 Master Plan--Completed
4. The City of Ocoee Utilities Master Plan--Completed
5. Implementation and Design for the Western Utilities Water and Sewer Projects--Underway
GAI consultants were awarded the next step in this process: The Ocoee Downtown Master Plan via a purchasing
code compliant process at the beginning of the fiscal year. Due to their finalization work efforts on the 429 plan,
they have scoped and laid out the framework for completing the Downtown Master Plan. This effort will consist of
three primary components:
1. Design of key initial infrastructure improvements
2. Public Involvement program/creation of design guidelines
3. Creation of project list for use in securing financing for implementation
The financing for the project implementation for these projects will involve funds from utilities and storm water for
their respective components of street infrastructure, and it is anticipated that the remainder of costs will be made
up in two ways: An initial credit draw from one of the City's financial institutions for completion of early projects,
which would then be absorbed into a bond issue that could be executed for financing long term projects.
During the 2015-16 budget adoption process, the City Commission used funds previously allocated for the
downtown master plan to balance the budget. The downtown master plan project can be funded from the
amount budgeted ($685,710)for debt service payments on the $14,000,000 planned bond issue.
Issue:
Should the city commission approve the transfer of funds $250,000 from available budgeted funds for fiscal year
2015-2016 to cover the Ocoee Downtown Master Plan?
Recommendations:
Staff recommends that the City Commission authorize the transfer of $250,000 from funds budgeted for debt
service for the Ocoee Downtown Master Plan.
Attachments:
N/A
Financial Impact:
This action will provide funds to pay for the preparation of the Ocoee Downtown Master Plan
Type of Item: (please mark with an 'k')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading X 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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