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  Item #   7. A. 2.    
City Council
Meeting Date: 05/13/2019  
Submitted For: Steve Commons Submitted By: Steve Commons, City Manager's Office

Information
Item
Approval of Supplemental Appropriation for EPWA Economic Development Fund; $100,000.
Background
In a companion agenda item, it explains the background for the supplemental appropriation as it relates to a Development Financing Assistance Agreement as part of the Showbiz Cinema development.  Funds need to transferred from the General Fund into the EPWA Economic Development Fund.  From here they can be distributed over the time of the agreement which is up to 20 years or until $4.8 million is distributed.  In future years funds will be budgeted in advance to cover the need to process the supplemental appropriation.
Time Frame
Upon City Council approval this transfer will be posted. 
Issue
Transfers will only be made for the agreed portion of the sales taxes collected at Showbiz Cinema. (2% of the 3.75% of the Edmond local sales taxes.)
Recommendations
Approval of the Supplemental Appropriation.
Action Needed
Approval of the Supplemental Appropriation.
Public Notification
Posted City Council agenda.

Fiscal Impact
Funding/Cost: $100,000
Budgeted Item Y/N or N/A: N
Account:
From: General Fund Reserves $100,000
To: 001001-8805 General Fund Transfers Out: $100,000
To: 569039-7900 EPWA Economic Development, Transfers In: $100,000
To: 569039-8361 EPWA Economic Development, Contract Services: $100,000
Attachments
No file(s) attached.

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