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2005 <br /> Budget Adjustments <br /> Tally Sheet <br /> Department Code Rev Exp FB <br /> NGA-15 CIP 4 Amendment-Asarco Site Remediation Costs 162A 900,000 (900,000) <br /> This amendment authorizes an increase in CIP4 expenditures in the amount of$900,000 for the Asarco site <br /> remediation. <br /> In August 2005,the City and Everett Housing Authority(EHA)were notified that Asarco was entering into <br /> Chapter 11. In order to complete the remediation work necessary to complete the pending development <br /> agreement with Barclay's,the City has agreed to assist EHA with funding to complete the clean-up of the <br /> former Asarco smelter site. <br /> Per the agreement,the City will provide the EHA up to$900,000 for these final costs. EHA will request <br /> reimbursement for these costs by providing invoices from contractors or other evidence of costs paid. <br /> EHA will repay 75%of the cost to complete the remediation. Sources of repayment will come from a 50% <br /> grant of up to$450,000 from the Department of Ecology and the balance to be repaid from revenues due <br /> from the sale of condominium units at Park Ridge Condominiums. All payments to be made to the City by <br /> September 30,2006. <br /> The City of Everett will participate in the costs to complete the remediation in an amount up to$225,000. <br /> Increase CIP 4 Expenditures 162 5xxxxxxxxx 900,000 <br /> Decrease CIP4 Ending Fund Balance 162 5620999490 900,000 <br /> 1-1 <br /> ATTACHMENT A <br /> Tally 2005.xls 8/22/2005 <br />