To: The Honorable Mayor and Board of Commissioners From: Jackie Huffman / Max Buchanan Subject: Budget Amendment funding Charter School related Intersection Improvements
As part of the approval of the new Lake Norman Charter School and discussed in the Town Capital Improvement Program April 17, 2017, the Town agreed to deliver the intersection improvements required by the Charter School TIA (Mt Holly - Huntersville Rd / US 21, Hambright Rd/US 21, and Hambright Rd/Mt. Holly-Huntersville Rd). The Town Engineering / Public Works Department estimates the cost of those improvements at $750,000. The Charter School has provided $200,000 toward those improvements, and the Town expects another $200,000 to be received in FY 2019. This budget amendment provides the $750,000 to fund the road improvements using the $200,000 Charter School contribution and $550,000 Town General Fund balance (200,000 General Fund Balance to be replaced when the Charter school pays in FY 2019). This project is expected to be complete in calendar 2017, but occur partially in each of FY 2017 and FY 2018.
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