ADOPTED BUDGET RESOURCE ALLOCATION PLAN - City of ...

Project: 825930 City Owned Properties - Downtown/388 Charles Street
Origination Year: 2005-06
Planned Completion Year: 2011-12
Department: Public Works
Project Description / Scope / Purpose
Project Information Sheet
Type: Administrative Facilities
Category: Special
Project Manager: Michael Chan
Fund: 70 Housing
Sub-Fund: 100 Housing Mitigation
Project Coordinator: Hanson Hom
This project provides funding for the roofing, flooring, plumbing, electrical system repairs and general maintenance and administration for the property on 388 Charles Street. This property is part
of the eight properties in the Downtown that the City owns (Chamber of Commerce building, bus depot, three single family residencies, a duplex and two vacant lots). These properties are
projected to be maintained through FY 2011/2012, after which time full assemblage or sale of all existing parcels is expected.
Maintenance and management fees are estimated at approximately $4,725 per year ($2,500 for maintenance, $625 for possessory interest tax, and $1,600 for administration). The Housing Fund
acquired this property from the General Fund in FY 2005/2006.
Project Evaluation and Analysis
This project is necessary to maintain City-owned income producing property.
Fiscal Impact
This project is funded through rental income on the property, expenses are approximately 25% of annual revenue.
Project Financial Summary
Financial Data Prior
Actual
Project Costs
Revenues
Total
Transfers-In
Total
Operating Costs
Current 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Y11-Y20
2009-10
Total
Project
Life Total
638,787 4,725 4,725 4,820 0 0 0 0 0 0 0 0
0 653,057
Long Term Rent Downtown Properties 18,851 19,228 0 0 0 0 0 0 0 0
0
45,648 18,302 18,851 19,228 0 0 0 0 0 0 0 0
0 102,029
0 0 0 0 0 0 0 0 0 0 0 0
0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0
City Owned Properties - Downtown/388 Charles Street 825930