COUNTY OF ALBEMARLE
Amendment to the 2007 Stony Point VFD Service Agreement
Authorize County Executive to execute an amendment to the 2007 Stony Point VFD Service Agreement for building improvements
Messrs. Tucker, Elliott, Davis, Letteri
LEGAL REVIEW: Yes
August 13, 2008
ACTION: X INFORMATION:
On April 5, 2006, the Board approved a plan to appropriate funding from the FY06/07 CIP fund balance for a $215,750 no-interest loan to the Stony Point VFD for various building renovation projects needed to maintain or ensure services. The loan was in addition to a County grant to Stony Point VFD for $239,736 to repair/replace the fire departmentís roof, parking lot, and HVAC system. Staff recommended that the loan be paid back over 12 years through an annual payment of $17,980 per year. On June 7, 2006, the Board adopted a resolution appropriating the funds and on May 2, 2007 authorized the County Executive to enter into a Service Agreement with Stony Point VFD which defined the terms and conditions of the loan.
Enhance the Quality of Life for all Albemarle County Residents.
The Office of Facilities Development has coordinated the preparation of plans and specifications as well as bidding phase services for this work. Based upon the bids received and Stony Pointís desire to eliminate the storage building from the scope of the project, the actual loan amount can be reduced from $215,750 to $152,000. Stony Point VFD has also requested that the County modify its invoicing practice for loan repayment. Under the mutually agreed upon terms of the 2007 Agreement, the County withholds $17,980 from its annual appropriation to Stony Pointís operating budget through July 2018. In July 2007, this amount was withheld pursuant to the terms of this Agreement. Stony Point has requested that the County submit an invoice for its annual loan repayment amount; revised now to be $12,184 per year in lieu of deducting the annual loan repayment amount from its operating funds.
Staff prepared the attached amendment to the 2007 Service Agreement modifying the outstanding loan amount and repayment methodology and has shared this with Stony Point VFDís Chief and administration staff. The amendment redefines the basic terms of the loan: $152,000 no-interest loan, paid back by November 2018 through an annual invoiced amount of $12,184 per year. This Amendment was reviewed and signed by Stony Point VFDís chief.
The reduction of this project will result in $63,750 in funding for other capital projects and/or to increase the capital reserve. Future anticipated revenue to the Capital Improvement Fund from the loan repayment will be reduced $5,796 per year through FY 2019.
Staff recommends that the Board authorize the County Executive to sign this amendment on behalf of the County.
A - Amended Service Agreement
Return to consent agenda
Return to regular agenda