Title
Ordinance amending the budget for FY2015-16 for CoLinx project
Body
SUMMARY:
As approved by Council, an application was submitted for an economic development project for the expansion of CoLinx. The project was awarded $1,000,000 to assist with company costs. This money will flow through the City budget from the State to CoLinx. Approval has been received from the State to allow CoLinx to incur eligible expenses prior to the contract being prepared and signed since the project is moving quicker than originally expected. There is no cost to the City. CoLinx will incur the expense and submit an invoice to the City for reimbursement, which will then be forwarded to the State. The State will send the money to the City and the City will reimburse CoLinx.
BUDGET ACCOUNT: Budget amendment required
Recommended Action
NECESSARY COUNCIL ACTION: Approve budget amendment.