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To authorize the Chief Administrative Officer, for and on behalf of the City of Richmond, to accept funds in the amount of $265,275.00 from the Commonwealth's Development Opportunity Fund, to amend the Fiscal Year 2023-2024 Special Fund Budget by creating a new special fund for the Department of Economic Development called the Alacer Corp. Special Fund, and to appropriate the increase to the Fiscal Year 2023-2024 Special Fund Budget by increasing estimated revenues and the amount appropriated to the Department of Economic Development's Alacer Corp. Special Fund by $265,275.00, for the purpose of providing Alacer Corp. with incentives to improve, equip, and operate its facility at 1211 Sherwood Avenue in the city of Richmond. (3rd District)
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THE CITY OF RICHMOND HEREBY ORDAINS:
` ? 1. That the Chief Administrative Officer, for and on behalf of the City of Richmond, is authorized to accept funds in the amount of $265,275.00 from the Commonwealth's Development Opportunity Fund for the purpose of providing Alacer Corp. with incentives to improve, equip, and operate its facility at 1211 Sherwood Avenue in the city of Richmond.
? 2. That Article 1, Section 2 of Ordinance No. 2023-071, adopted May 8, 2023, which adopted a Special Fund Budget for the fiscal year commencing July 1, 2023, and ending June 30, 2024, and made appropriations pursuant thereto, be and is hereby amended by creating a new special fund for the Department of Economic Development called the Alacer Corp. Special Fund for the purpose of providing Alacer Corp. with incentives to improve, equip, and operate its facility at 1211 Sherwood Avenue in the city of Richmond.
? 3. That the funds received from the Commonwealth's Development Opportunity Fund are hereby appropriated to the Special Fund Budget for the fiscal year commencing July 1, 2023, and ending June 30, 2024, by increasing estimated revenues by $265,275.00, increasing the amount appropriated for expenditures by $265,275...
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