AN ORDINANCE TO AMEND “THE ESTABLISHING A CAPITAL PROJECTS ORDINANCE FOR THE DOWNTOWN DEVELOPMENT INITIATIVE” (2008-04-14/O-1)

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 amended as follows:

SECTION I

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.

SECTION III

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	627,000	656,000
Total Revenues	$ 489,000	$      627,000	$1,116,000

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	627,000	656,000
Total Appropriations	$ 489,000	$ 627,000	$ 1,116,000

SECTION IV

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.

SECTION V

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 14th day of April, 2008.