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To amend Ord. No. 2024-099, adopted May 13, 2024, which adopted the Fiscal Year 2024-2025 General Fund Budget and made appropriations thereto, to (i) transfer $92,722.00 from the Central Appropriations agency 400 Hull Street, LLC (economic development grant through EDA) line item, (ii) create a new line item called “512 Hull Street, LLC” in the Central Appropriations agency, and (iii) appropriate such $92,722.00 to such new line item in the Central Appropriations agency for the purpose of providing funding to the Economic Development Authority of the City of Richmond for an economic incentive payment for the development and operation of affordable housing pursuant to the Grant Agreement authorized by Ord. No. 2024-195, adopted Jul. 22, 2024.
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THE CITY OF RICHMOND HEREBY ORDAINS:
§ 1. That Article I, Section 1 of Ordinance No. 2024-099, adopted May 13, 2024, which adopted a General Fund Budget for the fiscal year commencing July 1, 2024, and ending June 30, 2025, and made appropriations thereto, be and is hereby amended by:
(a) Transferring $92,722.00 from the Central Appropriations agency 400 Hull Street, LLC (economic development grant through EDA) line item, for the fiscal year commencing July 1, 2024, and ending June 30, 2025;
(b) Creating a new line item in the Central Appropriations agency called “512 Hull Street, LLC;” and
(c) Appropriating the funds in the amount of $92,722.00 transferred by subsection (a) of this section to the new line item in the Central Appropriations agency created by subsection (b) of this section called “512 Hull Street, LLC” for the purpose of providing funding to the Economic Development Authority of the City of Richmond for an economic incentive payment for the development and operation of affordable housing pursuant to the Grant Agreement authorized by Ordinance No. 2024-195, adopted July 22, 2024.
§ 2. This ordinance shall be in force and effect upon adoption.