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Ordinance to Amend the Parks and Recreation Capital Projects Fund to Comply with Governmental Accounting Standards for the Recording of the Greenville Loop Rd. Future Park Property Gross Purchase Price
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Department: |
Finance |
Meeting Date: |
6/2/2026 |
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Contact Name: |
Martha Wayne |
Public Hearing: |
No |
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Contact Phone: |
910-341-4692 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Ordinance; Attachment #2: Presentation |
PURPOSE:
In order to comply with Governmental Accounting Standards, this ordinance appropriates grant revenue of $7,750,000 from the Endowment and a contribution of $1,000,000 from the County to supplement the City’s existing $1,000,000 appropriation, in order to record to the City’s accounts the gross purchase price of the Property amounting to $9,750,000.
BACKGROUND:
On October 7, 2025, City Council approved a resolution authorizing the City Manager to negotiate and enter into a purchase and sale agreement for the acquisition of future park property located at 6325, 6335, 6341, and 6345 Greenville Loop Road (“Property”). The City applied for and was awarded a $7,750,000 grant from the New Hanover Community Endowment (“Endowment”) toward the purchase price of $9,750,000 for the property.
The terms of the grant also included a $1,000,000 contribution from New Hanover County towards the purchase of the Property. On February 2, 2026, City Council made a supplemental appropriation of $1,000,000 for the acquisition of the Property.
On March 16, 2026, the City acquired the Property.
BUDGET IMPACT:
$8,750,000 impact to the Parks and Recreation Capital Projects Fund.
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached ordinance is recommended