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El Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business September 15, 2014 _ Jeremy Barnhart, Deputy Director, COD <br /> Item Description Reviewed by <br /> Natures Edge Business Center Second addition <br /> funding authorization <br /> Reviewed by <br /> Action Requested <br /> Approve,by motion, the Economic Development Authority's participation in the improvements to <br /> Natures Edge Business Center phase II. <br /> Approve by resolution the transfer of 268,000 to the City Development fund. <br /> Background/Discussion <br /> In July, the EDA approved the expenditure of 300,000 for its participation in the development of <br /> Natures Edge Business Center phase II. At that same time, the City rejected the bids,in part because the <br /> costs came in higher than anticipated. <br /> When the project was rebid, costs dropped considerably,but still higher than the engineers estimate. <br /> Based on actual project costs, the proposed project funding is as follows: <br /> EDA Development Fund - $568,000 <br /> City Development Fund - $200,000 <br /> DEED Grant $291,000 <br /> Trunk Water Fund- $203,500 <br /> Trunk Sewer Fund- $162,500 <br /> Total Project- $1,425,000 <br /> This revised funding schedule represents an increase of$268,000 from the original EDA budget, and <br /> $100,000 from the city development from, over their original budgeted amount. Much of the EDA's <br /> increase is due to the lower than expected DEED grant ($500,000). <br /> Transfers between taxing authorities should be completed via resolution. A resolution detailing the <br /> transfer of the entire 568,000 is attached. <br /> Financial Impact <br /> 268,000 from the Development Fund <br /> POWERED 8Y <br /> Template Updated 4/14 NATURE <br />