AN ORDINANCE ESTABLISHING A CAPITAL PROJECTS ORDINANCE FOR THE DOWNTOWN DEVELOPMENT INITIATIVE (2007-09-24/O-3)
BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, that the following capital project is hereby established for the Downtown Development Initiative Project.
The Downtown Initiative as authorized by the Town Council in January 2007, includes the costs related to the development on the current site for Lot 5 parking including, but not limited to, the public parking, open space and public art.
SECTION II
The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of this project within terms of funds appropriated here.
Revenues anticipated to be available to the Town to complete the project are as follows:
|
|
Current Budget |
Amendment |
Revised Budget |
|
Transfer from General Fund |
$ 460,000 |
$ - |
$ 460,000 |
|
Contribution from Ram Development Co. |
- |
29,000 |
29,000 |
|
Total Revenues |
$ 460,000 |
$ 29,000 |
$ 489,000 |
Amounts appropriated are for the project as follows:
|
|
Current Budget |
Amendment |
Revised Budget |
|
Environmental Remediation |
$ 240,000 |
$ - |
$ 240,000 |
|
Construction Management Services |
150,000 |
- |
150,000 |
|
Professional Services |
65,000 |
- |
65,000 |
|
Peer Review Honorarium |
5,000 |
- |
5,000 |
|
Public Art |
- |
29,000 |
29,000 |
|
Total Appropriations |
$ 460,000 |
$ 29,000 |
$ 489,000 |
The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.
Copies of this ordinance shall be entered into the Minutes of the Council and copies shall be filed within 5 days of adoption with the Manager, Finance Director and Clerk.
This the 24th day of September, 2007.