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DURA's recent property purchases triggered supplemental appropriation and extra costs, staff says
Summary
Staff detailed two real-estate purchases totaling about $5,000,000 and unbudgeted follow-up costs—testing, tenant payouts and ancillary fences—that required a supplemental appropriation approved in May.
During the work session staff reported two real-estate purchases made this year and related unbudgeted expenses that prompted a supplemental appropriation in May.
"The real estate purchases, the 2 buildings that Dura purchased this year were $5,000,000 for those 2 buildings," Carrie said. She added there were ancillary costs not accounted for in the original appropriation, including asbestos testing and tenant payouts.
Staff told the board the supplemental appropriation came forward around May 10 but did not fully cover follow-on costs such as fence work and other building-related obligations. Carrie said these additional expenses totaled roughly $50,000 beyond what was budgeted for those items.
Board members discussed shifting certain capital projects back to the capital fund to preserve DURA resources for redevelopment priorities and asked staff to provide updated projections at a future retreat.
