City of Coconut Creek - File #: 17-134

• File #: 17-134
• Name: Budget Transfer - Property Purchase
• Type: Motion
• Status: Passed
• File created: 7/20/2017
• In control: City Commission
• On agenda: 8/10/2017
• Final action: 8/10/2017
• Title: A MOTION TO AUTHORIZE A BUDGET TRANSFER IN THE AMOUNT OF $2,865,000.00 FOR THE PURCHASE OF LAND FROM GENERAL FUND ACCOUNT 0199-9903 - FUND BALANCE RESERVE TO ACCOUNT 0198-6100 - LAND ACQUISITION.
• Indexes: Budget Transfer, Land Acquisition Account, Land Purchase, Motion

Date	Action By	Action	Result
8/10/2017	City Commission

AGENDA ITEM REPORT

TITLE:

title

A MOTION TO AUTHORIZE A BUDGET TRANSFER IN THE AMOUNT OF $2,865,000.00 FOR THE PURCHASE OF LAND FROM GENERAL FUND ACCOUNT 0199-9903 - FUND BALANCE RESERVE TO ACCOUNT 0198-6100 - LAND ACQUISITION.

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BACKGROUND:

This motion will provide for a budget transfer to fund the purchase of real property for park purposes.

DISCUSSION:

The City’s intent is to purchase the following real property for park purposes:

1.                     4250 NW 74^th Street from James Reynolds in an amount not to exceed $1,135,000.00; and

2.                     4100 NW 74^th Street from MG Lehigh Acres Holding, LLC in an amount not to exceed $1,730,000.00.

Funding for these purchases will be from fund balance reserves in the General Fund. 

RECOMMENDATION:

Staff recommends approval of this Motion.

FISCAL IMPACT:

REVENUES:                                          $ 0

EXPENDITURES:                     $ 0

BUDGETED?                                          N/A

NOTES:                                                               N/A