2014.03.10 Council Agenda Item 07
Summary
Order to approve a supplemental appropriation and transfer in the amount of $283,500 from Unassigned Fund Balance to fund a loan to the Falmouth Memorial Library, such loan to be used to purchase property at 9 Lunt Road.
Description
A public comment period will be included with this item. (3 minutes per person)
Action: Council action is anticipated.
Summary:
This agenda item is the third of three related agenda items that pertain to the Falmouth Memorial Library (FML) and its desire to purchase abutting property for future facility expansion options.
The Town acquired an option to purchase the property in 2013. The FML is now ready to take action and has requested the Town to take action in accordance with this and the other two agenda items.
This agenda item will authorize a supplemental appropriation to fund a loan to the FML for the purchase of the property.
The three agenda items, including this agenda item, are:
- Assign the rights to purchase the property from the Town to FML;
- Authorize a loan from the Town to FML to assist in the funding to purchase the property; and
- Authorize a supplemental appropriation to fund the loan requested in item #2 of this list.
A presentation has been created to better describe the details of this matter. The presentation is attached.
