Item 8EAGENDA ITEM # SE
JANUARY 28, 2008
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Funding for Public Art Project
SUBMITTED BY: Jim Hanson, City Man ~~
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DATE: January 17, 2008
BACKGROUND: The City Commission expressed a desire to restore funding in the amount
of $45,000 for the public art project during the recent workshop held on
January 15, 2008. We also discussed the possibility of using Bed Tax
Funds for the funding source.
Presently, $290,000 is budgeted through Bed Tax Funds for the purchase
of the Buckman property. There is an additional $360,000 budgeted from
the Half Cent Sales Tax Fund for a total city budget of $650,000 for the
Buckman purchase. Additionally, the city has received a grant
commitment from the Florida Communities Trust to provide 75% of the
purchase price of the property and FCT funding has been obligated in an
amount of $1,875,000. Since the award was made, appraisals of the
property have been obtained and negotiations are ongoing with the
representatives of the Buckman estate. The appraisals came in at values
that were less than anticipated when the grant award was made, although
the exact numbers will remain confidential until negotiations on the
property have been completed. However, it is clear that Atlantic Beach
will not be spending all of the money that has been budgeted for this
project, and it is possible to transfer $45,000 for public art out of the
account in the Bed Tax Fund for the Buckman purchase. This would
reduce the total amount budgeted by the City of Atlantic Beach for the
Buckman purchase from $650,000 to $605,000.
Because the money is already budgeted in the appropriate fund, the Mayor
and Commission do not need to adopt a budget amending ordinance.
Instead, it would be appropriate for the commission to adopt by simple
vote, a transfer of $45,000 from the Buckman project to the Public Arts
account.
BUDGET: If approved, this change would move $45,000 from one budgeted account
to another. The total expenditure budget of the City of Atlantic Beach
would remain the same.
RECOMMENDATION: The Mayor and Commission should either approve this change in projects
or provide other instructions on where the money should come from.