HomeMy WebLinkAboutResolution SEDA 2015-02 06/08/2015 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2015-02
A RESOLUTION ADJUSTING RESOURCES AND REQUIREMENTS IN THE FOLLOWING
SEDA Glenwood General and SEDA Downtown General
WHEREAS, the 2014-2015 fiscal year appropriations for the Springfield Economic Development
Agency (SEDA)were made by Resolution No. SEDA2014-01 dated June 9, 2014; 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
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
NOW,THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY,An Urban Renewal Agency of the
Section 1. Supplemental Budget No. 1 for the 2014-2015 Fiscal Year amending Resolution SEDA2014-
01 is hereby adjusted as follows:
FUND: SEDA Glenwood Fund 229
Resource Amount Expenditure Amount
FY15 Adopted Budget $ 840,919 FY15 Adopted Budget $ 840,919
Beginning Cash 116,047 Materials and Services 60,000
Interfund Transfer 500,000
Debt Services (320,000)
Reserves (123,953)
Total Resources $ 956,966 Total Requirements $ 956,966
Comments: Per Council direction request establishes funds for the Riverfront Greenway Setback Line,
the project management planning for the Riverfront Path and the Performa development of a Glenwood
parking structure. Transfers funds from Glenwood General Fund to the Glenwood Capital fund for the
Franklin Boulevard Phase I whish is required prior to the receipt of the loan proceeds. Beginning cash
adjustment is being made because prior year expenses were less than predicted and balance is being
placed in reserves.
FUND: SEDA Downtown Fund 230
Attachment 2 Page 1 of 2
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Resource Amount Expenditure Amount
FY15 Adopted Budget $ 615,611 FY15 Adopted Budget $ 615,611
Beginning Cash 162,105 Debt Services 116,000
Current Taxed 116,000 Reserves 2,105
Capital Projects 160,000
Total Resources $ 893,716 Total Requirements $ 893,716
Comments: SEDA contractual obligation to the City is to remit all property tax revenue towards its
revolving fund loan. Request establishes funds for the Downtown Lighting Project for Phase I and
Phase II which were constructed in FY15. Beginning cash adjustment is being made because prior year
expenses were less than predicted and balance is being placed in reserves.
FUND: SEDA Glenwood Fund 429
Resource Amount Expenditure Amount
FY15 Adopted Budget $ 3,600,000 FY15 Adopted Budget $ 3,600,000
Transfer from F229 500,000
Commercial Loan (500,000)
Total Resources $ 3,600,000 Total Requirements $ 3,600,000
Comments: transfers funds from Glenwood General Fund to the Glenwood Capital fund for the
Franklin Boulevard Phase I whish is required prior to the receipt of the loan proceeds.
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 8 day of
June, 2015, by a vote of 6 for and 0 against. (2 absent)
# 0r
Sean VanGordon- Chair
Springfield Economic Development Agency
Board of Directors
ATTEST:
Th
p(4),:e&t_ Ay AS T® FOS
Mari ee Woodrow- Secretary .4,14_Springfield Economic Development Agency ID-7- (7/71r/47/41
Board of Directors OFFICE OF CITY ,,TTORNEY
RESOLUTION NO. SEDA2015-02
Attachment 2 Page 2 of 2