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HomeMy WebLinkAbout6.h. Approval of SKB Environmental Donation for Expenditure for the Rosemount Activity CenterROSEMOUNTEXECUTIVE SUMMARY CITY COUNCIL City Council Meeting: January 20, 2014 AGENDA ITEM: Approval of SKB Environmental AGENDA SECTION: Donation for Expenditure for the Consent Rosemount Activity Center PREPARED BY: Kim Lindquist, Community Development AGENDA NO. 6.f. Director ATTACHMENTS: Donation Worksheet APPROVED BY: ddj RECOMMENDED ACTION: Motion to approve the donation expenditure of $400,000 for the costs of the second floor build -out at the Rosemount Activity Center SUMMARY The Rosemount Activity Center is currently under construction at the Steeple Center site. Due to funding constraints, the City had discussed constructing the entire two -story building but not finishing off the second floor. This would mean that the public would not have access to the second floor until later, when additional investments would be made. SKB Environmental approached the City and indicated they would be able to assist in funding this important new amenity in the community. SKB Environmental will be donating $400,000 to be used for improvements at the Center to permit full construction of the entire facility, including the second floor. The donation roughly equates to the amount of the project bid allocated to second floor construction work. Per our policy, the Council must take formal action to accept the donation and expend the funds. The donation acceptance occurred in December 2014. RECOMMENDATION Staff recommends the expenditure of $400,000 from the Building CIP Fund to defray costs for the second floor build -out at the Rosemount Activity Center. DONATION REVENUE WORKSHEET RECEIPT OF DONATION Donation Received On: December 16, 2014 Amount Received: $400,000 Purpose of Donation: Defray costs of second floor build -out, Rosemount Activity Center Account # for Donation: Building CIP Fund number 202 -22225 (Must be Liability # Assigned for Each Individual Department) EXPENDITURE OF DONATION Amount to be Spent: $400,000.00 To be Spent from Account #: 202 - 49002 -01- 529.00 (Must be Expenditure # Corresponding to Individual Department) Purpose of Expenditure: Defray costs of second floor build -out, Rosemount Activity Center AMENDMENT OF BUDGETS Amend Donation Revenue Account #101- 36230.00: $400,000.00 Amend Expenditure Account #202 - 49002 -01- 529.00:$ 400,000.00 (The Two Dollar Amounts Must be the Same) ,A 4 ki 14:7t1>rL 6111:7 ki /_1111111 4 ki k I 'A tO7_11111W"I a Biel ki /-Al I Is] ki "/_1 1 I k WWE Debit: 202 -22225 (Donation Liability #) $400,000.00 Credit: 101-36230.00 $400,000.00 Journal entry to reduce deferred donation revenue account and increase donation revenue account to actual per City Council action on: January 20, 2015.