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Ordinance Making Supplemental Appropriation in the Amount of $4,071,670 from the Sale of Surplus Property to Fund Leaseback Costs and Pay Debt Service on the Skyline Center
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Department: |
Economic Development |
Meeting Date: |
1/6/2026 |
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Contact Name: |
Dennis LaCaria |
Public Hearing: |
No |
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Contact Phone: |
(910) 765-0206 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Ordinance |
PURPOSE:
The purpose of the ordinance is to appropriate funding from the proceeds of a previously approved sale of real property located at 1702 Burnett Boulevard to the North Carolina Department of Transportation.
BACKGROUND:
On August 5, 2025 City Council unanimously approved a resolution which authorized the City Manager to enter into a Purchase and Sale Agreement for the sale of the City-owned property located at 1702 Burnett Boulevard with the North Carolina Department of Transportation. The total proceeds of that sale are $4,259,950. The City will be leasing the property at 1702 Burnett Boulevard while constructing a new replacement facility at another location. This ordinance appropriates funding from that sale.
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BUDGET IMPACT:
The City will receive $4,259,950, of which $3,967,790 will be appropriated to the debt service fund, and the remaining $292,160 will be appropriated across three fiscal years to cover leaseback costs.
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RECOMMENDATION / ACTION REQUESTED:
Passage of the ordinance is recommended.