HomeMy Public PortalAbout1995_07_28_R163The Town of
Leesburg,
Virginia
PRESENTED July 28~ 1995
RESOLUTION NO. 95-163
ADOPTED July 28~ 1995
A RESOLUTION:
AUTHORIZING THE TEMPORARY TRANSFER OF FUNDS FROM THE
UTILITY FUND INTO THE AIRPORT FUND FOR LAND ACQUSITION
CLOSING SETTLEMENT WITH BRIAN P. OURS
WHEREAS, the Leesburg Town Council has authorized purchase agreements with Brian P. Ours
and the Dulles Greenway (TRIP II) for the acquisition of 10.00184 acres of land for the Leesburg
Municipal Airport; and
WHEREAS, the approved and amended agreement with Brian P. Ours requires the Town of
Leesburg to pay an eight percent (8%) interest carry effective August 1, 1995 until closing or 90 days
from August 1, 1995 which ever comes first; and
WHEREAS, it is the desire of the town to settle the property closure on the Ours property by
July 31, 1995; and
WHEREAS, the town has executed and processed with the Federal Aviation Administration the
grant agreement or contract between the town and the United States to receive advance funding for
dosing on the property; and
WHEREAS, the town is presently awaiting the receipt of these commited federal funds from the
FAA Eastern Region via the U.S. Department of Treasury; and
WHEREAS, upon purchase of the property the town will receive final project cost
reimbursements from the Federal Aviation Administration and the Virginia Department of Aviation,
totaling ninety-five percent (95%) of the total project costs; and
WHEREAS, a temporary transfer of funds from the Utility Fund into the Airport Fund is
necessary to settle the Brian P. Ours property closure by July 31, 1995:
A RESOLUTION:
-2-
AUTHORIZING A TEMPORARY TRANSFER OF FUNDS FROM THE
UTILITY FUND INTO THE AIRPORT FUND FOR LAND ACQUISITION
CLOSING SETTLEMENT WITH BRIAN P. OURS
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
A temporary transfer of $1,465,459.46 is hereby made from the Utility Fund unreserved balance
into Airport Fund account #600.6100.700.728 for the acquisition of land from Brian P. Ours on July 31,
1995. Upon receipt of airport grant funds due to the town for the same, such funds shall be transferred
immediately back into the Utility Fund.
PASSED this 28th day of July ,1995.
ATTEST:
Clerk of Council
/
E. Mayor
Town of Leesburg