2025-77 Resolution of the Council, re: Library Renovation - 110 Enterprise Center – The Town Council designates funding of the General Fund unassigned fund balance as Owner’s Contingency in the renovation project. September 15, 2025

THE TOWN OF
MIDDLETOWN

RESOLUTION

OF THE

COUNCIL

No: 2025-77

WHEREAS:

The Town of Middletown has identified $11,881,471 as the total amount of the purchase price of 110 Enterprise Drive and renovation cost of the existing building,

and,

WHEREAS:

The funding of this project includes $11,400,000 of bond anticipatory note proceeds and $481,471 of unassigned General Fund fund balance,

and,

BE IT RESOLVED:

The Town Council hereby designates four hundred eighty-one thousand four hundred seventy-one dollars and zero cents ($481,471.00) of General Fund unassigned fund balance as Owner’s Contingency in the renovation project.

SEPTEMBER 15, 2025

READ AND PASSED IN COUNCIL

Wendy J. W. Marshall, MMC
Town Clerk

RESOLUTION

OF THE

COUNCIL

No: ...

WHEREAS:

The Town of Middletown has identified $11,881,471 as the total amount of the purchase price of 110 Enterprise Drive and renovation cost of the existing building,

and,

WHEREAS:

The funding of this project includes $11,400,000 of bond anticipatory note proceeds and $481,471 of unassigned General Fund fund balance,

and,

BE IT RESOLVED:

The Town Council hereby designates four hundred eighty-one thousand four hundred seventy-one dollars and zero cents ($481,471.00) of General Fund unassigned fund balance as Owner’s Contingency in the renovation project.