Board of Directors Regular Meeting Agenda


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Meeting Date: 10/24/2018  

SUBJECT MATTER:
Recieve, consider and act upon the 2018 Budget Amendment related to 2017 Developer Capital Budget Carryovers;
FISCAL IMPACT:
$0 net impact between 2017 and 2018 capital budgets 2017 capital budget carryover = $1,473,143.
BACKGROUND:
The 2014 Comprehensive Community Services Agreement between the Township and The Woodlands Development Company provided for the following funding from the Township for certain capital projects constructed by the Developer.  The total project costs have been split 50%/50% between the Township and the Developer; the amounts below represent only the Township’s funding obligations.
   
  Existing Project Funding  
       Bond Funds $1,887,000
     
  Additional Commitment  
       2014 $3,117,000
       2015 2,383,000
       2016 1,000,000
           2017 1,000,000
       2018 0
       2019 0
  Total Additional Commitment $7,500,000
     
  Total Project Funding $9,387,000
 
As of December 31, 2017, the Township and The Woodlands Development Company agree that following funds remain to be carried over to 2018:
  Total Project Funding $9,387,000
  Township Funding Through 12/31/2017 (7,913,587)
  Carryover Funds $1,473,413
 
The CCSA states that “any unspent funds may be carried over and expended from year to year and any unspent funds may be carried over and expended for two (2) years following the Termination Date.” The termination date expressed in the CCSA is December 31, 2019.
Pending the reconciliation of the 2017 carryover amount with the Developer, the Township has not funded any of the invoices submitted by the Developer during fiscal year 2018.  Below is a summary of the outstanding 2018 invoices:
 
2018 Developer Draws billed to date:
  Draw #50 (January – March) $119,145.01
  Draw #51 (April)  27,525.04
  Draw #52 (May – June) 124,172.05
  Draw #53 (July) 43,175.07
  Draw #54 (August) 80,313.45
  Draw #55 (September) 24,085.00
      Total Developer Draws $418,415.62
 
 
   
Kelly Dietrich with the Development Company will make a presentation on the 2018 capital projects at the Township’s October 24 Board meeting.
RECOMMENDATION:
Authorize the President/General Manager to process payments for capital project invoices received from The Woodlands Development Company from January – September 2018 in the amount of $418,415.62; and further authorize the payment of invoices that may be received from October – December 2018 up to an amount of $213,584.38 for a combined 2018 total of $632,000 for capital projects identified on the attached worksheet.
Attachments
Proposed Enhancements Projects


    

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