HomeMy WebLinkAboutAGENDA REPORT 2004 0218 CC REG ITEM 10JCITY Or' t4aORi'ARK. !`A1,TVOR'`,,I*,,
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MOORPARK CITY COUNCIL
AGENDA REPORT
TO: The Honorable City Council
FROM: Mary K. Lindley, Director of Community Servicesw .
DATE: February 9, 2004 (Meeting of February 18, 2004)
SUBJECT: Consider Budget Amendment to Complete the
Purchase of the Property Located at 412
Poindexter Avenue
DISCUSSION
On September 17, 2003, the City Council authorized the
purchase of the property at 412 Poindexter Avenue for the
purpose of expanding Poindexter Park. The Council also
authorized the City Manager to execute a purchase agreement
with the seller, paying $640,000. Escrow fees on the
purchase amount to $5,551, making the total cost, $645,551.
The final source of funding for the purchase is the City's
grant allocations from the two statewide Park Bonds (Prop.
12 and Prop. 40). The City will receive funds from the
following grants:
Prop. 12 (2000)
Roberti- Z'Berg- Harris - $ 86,621.00
Per Capita Block Grant - $269,000.00
Prop. 40 (2002)
Roberti- Z'Berg- Harris - $ 89,495.00
Per Capita Block Grant - $220,000.00
Total Available Grant Funding $665,116.00
The 2000 Robert i- Z' Berg-Harr is Grant ($86,621) requires a
30 percent match ($37,123). The 30% match is calculated as
3/7 times the Project Grant amount. The 3/7 fraction is due
to the relationship that for every 10 dollars in allowable
M: \MLindley \PARKS \Poindexter Property Purchase \Poindexter purchase budget
amendment ccagd.doc 000144
Honorable City Council
February 18, 2004
Page 2
Project costs, the State will cover 7 dollars with a grant
and the Grantee must match the State's 7 dollars with 3
dollars from the Grantee's funds, resulting in 3 percent of
the project being funded from non -grant funds.
To complete the property purchase, staff proposes using
$86,621 from the 2000 Roberti- Z'Berg- Harris grant,
$269,000, from the 2000 Per Capita Block grant, $220,000
from the 2002 Per Capita Block grant, and the remaining
$69,930 would be funded from the City's Park Improvement
Fund, Central Zone. The City's $69,930 contribution
includes the required match of $37,123. Poindexter Park is
within the Central Zone which has an unallocated cash
balance of approximately $200,000. Acquisition of property
is an appropriate use of the Park Improvement Fund.
The aforementioned action would leave the City $89,495 in
Prop. 40 grant funds (Roberti- Z'Berg- Harris), which could
be used to improve the purchased property at a later time.
Since escrow closed on the property on February 13, 2004,
the City funded the initial purchase solely from the City's
Park Improvement Fund - Central Zone. The State will
reimburse the City $575,621 for total expenditures
(645,551), less the City's contribution (69,930),
approximately four weeks after the City submits its
reimbursement request. When received, the reimbursement
will be credited to the Central Zone.
To finalize the purchase transaction, the Council is being
asked to approve the use of the Park Bond Funds (Prop. 12
and Prop. 40) ; approve the use of the City's Park
Improvement Fund - Central Zone, to fund the City's
contribution ($69,930), including the required match;
approve a temporary loan in the amount of $575,621 from the
Central Zone; and recognize new revenue in the amount of
$575,621 to the Central Zone. If the attached resolution is
adopted, it will amend the FY 2003/04 budget by
appropriating $645,551 from the Park Improvement Fund -
Central Zone (2111) to complete the property purchase and
recognize new revenue in the amount of $575,621.
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Honorable City Council
February 18, 2004
Page 3
STAFF RECOMMENDATION (Roll Call Vote)
Approve the use of Park Bond Funds and funds from the
City's Park Improvement Fund - Central Zone, to purchase
the property at 412 Poindexter Avenue, as outlined in the
Agenda Report, and adopt Resolution No. 2004-, amending
the FY 2003/04 budget to appropriate the necessary funds.
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Honorable City Council
February 18, 2004
Page 4
RESOLUTION NO. 2004-
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 2003/04
BUDGET FOR THE PURCHASE OF PROPERTY AT 412
POINDEXTER AVENUE BY APPROPRIATING $645,551
FROM THE CENTRAL ZONE (2111) OF THE PARK
IMPROVEMENT FUND AND RECOGNIZING PARK BOND
REVENUE IN THE AMOUNT OF $575,621
WHEREAS, on June 18, 2003, the City Council adopted the
FY 2003/04 Budget; and
WHEREAS, on February 18, 2004, staff presented the
Council with a report which requests the appropriation of
$645,551 from the Central Zone of the Park Improvement Fund
and recognizes state Park Bond funds in the amount of $575,621
for the purchase of property; and
WHEREAS, Exhibit "A" hereof describes said budget
amendment and its resultant impacts to the budget line items.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment to allocate $575,621 from
the Community Zone of the Park Improvement Fund for the
purchase of property, as more particularly described in
Exhibit "A" attached hereto is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption
of the resolution and shall cause a certified resolution to be
filed in the book of original Resolutions.
PASSED AND ADOPTED this 18th day of February, 2004.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit A
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Honorable City Council
February 18, 2004
Page 5
Attachment A
Resolution No. 2004-
EXHIBIT A
Budget Revision
A. Fund Allocation:
Fund No.
Fund Name
Amount
2111.5500
Central Zone - Park Improvement Funs,
$645,551
$645,551
$645,551
B. Budget Appropriation:
BUDGET NUMBER
BUDGETED
REVISION
NEW BUDGET
2111. "1300. "7851.9610
$0
$645,551
$645,551
2111.3751
$0
$575,621
$575,621
Approved to Form:
000148