Sponsor: Finance
Title
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Amendment to the Project Budget and Financing Plan for 360 Wabasha Street North Building Technology and Furniture
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Recommendation
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1. Amend the Project Budget and Financing Plan for 360 Wabasha Street North Building Technology and Furniture.
2. Authorize the County Manager to allocate up to $3.6 million from Bond Premiums to the Property Management fund balance.
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Background and Rationale
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Resolution B2023-098 Project Budget and Financing Plan for 360 Wabasha Street North Building Technology and Furniture authorized the County Manager to allocate up to $3.6 million from the proceeds of the sale of the Ramsey County Care Center to the Property Management fund balance. Finance is amending the funding source to use of Bond Premiums. The use of Bond Premiums is preferred because the bond premiums received was directly associated with the bonds issued for the project and aligns with the project.
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County Goals (Check those advanced by Action)
☐ Well-being ☐ Prosperity ☐ Opportunity ☒ Accountability
Racial Equity Impact
The racial equity impact of this portion of the 360 Wabasha project is not fully known.
Community Participation Level and Impact
There is no community participation associated with the action.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
Premiums from the 2023B Bond Sale are available for appropriation to capital projects. Paying for technology and furniture needs with this funding directly connects the expenses with the bonds issued for the 360 Wabasha Project. It also frees up proceeds from the sale of the Ramsey County Care Center for future capital needs.
Last Previous Action
On June 27, 2023, the Ramsey County Board of Commissioners approved the Project Budget and Financing Plan for 360 Wabasha Street North Building Technology and Furniture (Resolution B2023-098).
Attachments
1. None