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City outlines $3.31 million plan to buy Griffin Soccer Park; oversight board urges funding caution
Summary
City staff presented a purchase plan for Griffin Soccer Park on July 22, proposing a $3,306,811 buy funded mainly from the Norman Forward allocations and capital reserves; the Citizens Financial Oversight Board supported acquisition but warned about remaining Norman Forward commitments and recent revenue trends.
City staff on July 22 presented a plan to purchase Griffin Soccer Park for $3,306,811, proposing to fund the acquisition primarily from the Norman Forward Griffin Park lease allocation and available capital savings. Kim Kaufman, the city’s budget manager, summarized the financing and said the largest funding source would be the $2,400,000 Griffin Park allocation within the Norman Forward program, of which $500,000 has already been paid in lease payments and would apply to the purchase.
Kaufman told the council that the city would appropriate the remaining $1,900,000 from the Griffin allocation, take $220,000 from savings in the Griffin Soccer Park remodel project and draw $686,811 from the capital fund (projects complete or delayable) to reach the…
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