Title
Amending the financing and spending plans in the Department of Parks and Recreation in the amount of $1,000,000 to direct interest earned and other capital resources to the Payne Maryland capital construction budget and the demolition of the Margaret Recreation Center building.
Body
WHEREAS, the Financing and Spending Plan for the Payne Maryland project was last before Council and approved in June 2010; and
WHEREAS, it has taken time to properly go through a thorough community process where all aspects of the community where involved, and
WHEREAS, during that time, the Phase I project planning was bifurcated from the private Phase II aspect of the project; and
WHEREAS, other aspects of the project have changed including additional land becoming available; and
WHEREAS, with the thorough community process and other changing aspects of the project such as the bifurcation between Phase I and Phase II planning, the bidding for this project has been delayed nearly two years; and
WHEREAS, as the start of projects get delayed, an escalation cost to the project is realized and with these occurrences the Payne Maryland construction budget has realized a shortfall that is attributed to this escalation and additional land becoming available; and
WHEREAS, from time to time with bond issues such as the Build America Bonds and Recovery Zone Economic Development bonds there is interest gained on said bonds; and
WHEREAS, said interest earned on the Build America Bonds and Recovery Zone Economic Development bonds for the Payne Maryland project, must be used for construction in the particular recovery zone that they were designated for; and
WHEREAS, at the discretion of the Director of Financial Services with approval from the Mayor and from the Council, said interest may be directed to specific projects; and
WHEREAS, Margaret Recreation Center has been identified as a low quality asset by the Parks and Recreation Systems Plan; and
WHEREAS, Resolution 11-764 adopte...
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