Consider approval of a request to amend the fiscal year 2020-2021 budget to appropriate funds for construction of the west side elevated water tank.

City of Texas City and Lago Mar area developer, Land Tejas, will share the costs of the design and construction of a one million gallon elevated water tank.  The total estimated cost of the project is $4 million. At the 06/03/2020 meeting, City Commission approved a 50:50 cost sharing agreement between The City and Lago Mar Development Authority (agreement is attached).  In 2020, the City received $2.2 million from Lago Mar, their share of the engineering and construction costs. The City's portion of the engineering costs has already been funded from zone 2 water capital recovery fees.  The construction phase will also be funded from zone 2 water capital recovery fees or impact fees.

This budget amendment is to appropriate funds for the construction of the tank.
 
 

Budget Amendment:

Capital Recovery Water Zone 2 (Fund 255):
Water Tank Improvements                          $4,000,000.00
Unassigned Fund Balance                         ($2,000,000.00)
Capital Recovery Fees (in fund balance)   ($2,000,000.00)