DATE: December 5, 2017
SUBJECT:
Title
ORDINANCE AMENDING THE FY 17/18 BUDGET TO INCREASE THE CAPITAL IMPROVEMENT PROGRAM (CIP) APPROPRIATION BY $1.1 MILLION FROM PREVIOUS YEAR'S UNRESTRICTED RESOURCES FOR THE CHULA VISTA BAYFRONT - TRIANGLE PARCEL ACQUISITION PROJECT AND AMENDING THE 2014-2018 CAPITAL IMPROVEMENT PROGRAM (CIP) INCREASING THE PROJECT BUDGET BY $1.1 MILLION
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EXECUTIVE SUMMARY:
On April 14, 2016, the Board of Port Commissioners (Board) adopted a Resolution of Necessity to acquire a parcel in Chula Vista known as the Triangle Parcel from Rohr, Inc., through the District's eminent domain powers. The Triangle Parcel is an integral part of the Chula Vista Bayfront development. The District subsequently filed an eminent domain action related to the Triangle Parcel. In settlement of the eminent domain action, the District has agreed to pay Rohr, Inc., four million dollars as just compensation for the taking. Currently, the District's 2014-2018 CIP includes a project titled "Chula Vista Bayfront - Triangle Parcel Acquisition or Marina Parkway Realignment" ("Project") with a project budget of $2.9 million. In order to finalize the acquisition of the Triangle Parcel, an additional $1.1 Million must be added to the FY 2017/18 CIP budget appropriation (recommended to come from previous year's unrestricted resources) and the CIP must be amended to increase the Project and FY 17/18 budget by $1.1 million.
RECOMMENDATION:
Recommendation
Adopt an Ordinance Amending the FY 17/18 Budget to increase the Capital Improvement Program (CIP) appropriation by $1.1 Million from previous year's unrestricted resources for The Chula Vista Bayfront - Triangle Parcel Acquisition Project, and amending the 2014-2018 CIP increasing the Project and FY17/18 Budget by $1.1 Million.
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FISCAL IMPACT:
This action will increase the FY17/18 Budget Capital Improvement appropriation by $1.1 million from $35,858,600 to $36,958,600.
COMPASS STRATEGIC GOALS:
This a...
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