TO: Chair and Members of the Board
FROM: Samuel A. May, Executive Director
DATE: June 13, 2018
Title
RESOLUTION: AMENDING THE FY 2018 BUDGET BY TRANSFERRING FUNDS FROM CONTINGENCY TO PROPERTY MAINTENANCE-ACE PLAZA FOR ACCIDENT REPAIRS
BACKGROUND: The tenant space at 5817 Margate Boulevard (Tri-County Liquor) was damaged by an automobile accident on November 12, 2017. The tenant filed a claim with their insurance company, Liberty Mutual Insurance and they agreed on a settlement amount of $42,676.86. The MCRA agreed to the settlement amount and is expecting payment shortly. Advanced Asset Management, our property management company, will be coordinating the repair work. They obtained another quote for $42,218.00 and are prepared to proceed with making the repairs to the damaged building.
A budget transfer of $42,218.00 from “Contingency” is being requested to cover this unplanned expense.
RECOMMENDATION: Approve a budget transfer of $42,218.00 from “Contingency” #140-0510-512.91-02 to “Property Maintenance-Ace Plaza” #140-0510-512.31-71.
FISCAL IMPACT: The $42,218.00 expense is being offset 100% by the insurance settlement.
CONTACT PERSON: Samuel A. May, Executive Director