HomeMy WebLinkAboutResolution SEDA 2018-02 07/14/2018 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA 2018-02
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING FUNDS:
SEDA Glenwood General and SEDA Downtown General
WHEREAS, the 2017-2018 fiscal year appropriations for the Springfield Economic Development Agency
(SEDA) were made by Resolution No. SEDA2017-02 dated June 6, 2017; and,
WHEREAS, at various times during the fiscal year the SEDA Board of Directors is requested to make
adjustments to the fiscal year budget to reflect needed changes in planned activities, to recognize new
revenues, or to make other required adjustments; and,
WHEREAS, the SEDA Board of Directors handles such requests for adjustment to the budget through
Supplemental Budget Resolutions presented at public hearings at which the public may comment on such
requests; and,
WHEREAS, notice of a public hearing, including information regarding such revenues and expenditures
was published in a newspaper of general circulation not less than 5 days prior to the public meeting.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SPRINGFIELD
ECONOMIC DEVELOPMENT AGENCY, An Urban Renewal Agency of the State of Oregon, as
follows:
Section 1. Resolution SEDA2017-02 is hereby adjusted as follows:
FUND: SEDA Glenwood Fund 229
Resource Amount Expenditure Amount
FY18 Adopted Budget $ 3,100,026 FY18 Adopted Budget $ 3,100,026
Beginning Cash 640,246 Operating Expenses 48,800
Commercial Loan 2,620,000 Capital Projects 4,609,500
Interfund Loan 950,000 Reserves (448,054)
Revised Total Resources $ 7,310,272 Revised Total Requirements $ 7,310,272
Comments: The City is in conversation to purchase property within the Glenwood Urban Renewal District.
Resources will include cash on hand, a commercial loan, and an interagency loan from the City. Request will
also adjust the year's beginning cash, recognize the proceeds from the two loans, fund and establish debt
service for the remained of the current fiscal year.
FUND: SEDA Downtown Fund 230
Resource Amount Expenditure Amount
FY18 Adopted Budget $ 969,631 FY18 Adopted Budget $ 969,631
Beginning Cash (167,488) Reserves (339,488)
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Interfund Loan (300,000)
Current Taxes 100,000
Delinquent Taxes 28,000
Revised Total Resources $ 630,143 Revised Total Requirements $ 630,143
Comments: To assist in planning for next fiscal year, adjustments in beginning cash, property tax collections
and anticipated debt service payments are being made to more accurately reflect the reserve balance for the
downtown district and available for next year's programs.
Section 2. This resolution shall take effect upon adoption by the Board of Directors.
Adopted by the Board of Directors of the Springfield Economic Development Agency this 14th day of May,
2018, by a vote of 6 for and 0 against. (2 absent) Stoehr, Pi shi oneri
Sean VanGordon, Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
REVIEWED & APPROVED
(VkQkQ W Q Marilee Woodrow, Secretary ATE:511
Springfield Economic Development Agency OFFICE OF CITY ATTORNEY
Board of Directors
0
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SEDA RESOLUTION NO. 2018-02