Newspaper article THE JOURNAL RECORD

Council to Consider Transfer of Funds / to Riverfront Authority

Newspaper article THE JOURNAL RECORD

Council to Consider Transfer of Funds / to Riverfront Authority

Article excerpt

Transfer of $435,384 from the Oklahoma City Municipal Facility Authority's Fund 68 to the Oklahoma City Riverfront Develo pment Authority will be considered during today's session of the Oklahoma City Council.

The riverfront development authority was created by a trust indenture on March 19, 1985, established primarily for coordinating the String of Pearls project along the North Canadian River.

The municipal facilities authority has always tracked the expenses for the authority. However, the city staff has recommended that to allow for more efficient tracking of funds, monies be transfered to the authority so it may follow its expenditures itself.

If the funds are transfered, the contract which currently exists between the municipal facilities authority and the engineering firm of RGDC Inc. would also need to be transfered to the riverfront development authority.

RGDC has contracted with the municipal facilities authority since last December to provide consultant engineering services on the String of Pearls.

In other action, a resolution authorizing the sale of $4.5 million in industrial development revenue bonds for the Union Station project, located at 300 SW 7th St., will be considered by the council.

The council planning committee recommended the resolution for adoption last week. Approval from the Oklahoma City Redevelopment Authority on the project was granted in August.

Renovation of the historic facility is to be conducted by Union Station Associates Limited Partnership, headed by Thurman Magbee. Magbee's company has owned the 60,000-square-foot facility since 1978.

Plans call for the building to be renovated for office and record storage use. …

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