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Amendment to the Annual Budget for fiscal year ending June 30, 2027 related to General Fund by Ordinance 040-2026
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Presenter: Kimber Hurlocker, Chief Financial Officer
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Summary:
Front Street-Lexington, LLC was formed for the purpose of acquiring and developing real estate for resale suitable for industrial and commercial use. The City of Lexington holds a 51% majority equity interest in the company, and Front Street-Lexington, LLC d/b/a Team Family Partnership, LLC, holds the remaining 49% interest. On December 31, 2025 an Articles of Dissolution was filed with the Secretary of State Abolishing Front Street-Lexington, LLC.
A total of $160,000 in Front Street-Lexington, LLC funds were designated for paving improvements. The final North Carolina Department of Transportation (NCDOT) invoice is $128,446.50, leaving a remaining balance of $31,553.50.
This amendment is a necessary budgetary authority to pay the final NCDOT invoice of $128,446.50 and distribute the remaining funds between the City of Lexington and Team Family Partnership, LLC based on their respective ownership interests of 51% and 49%.
This is a necessary budgetary authority to issue payment on the final NCDOT invoice of $128,446.50 and authorize distribution of the remaining $31,553.50 in accordance with the ownership interests of Front Street-Lexington, LLC. ORDINANCE 040-2026 is to provide budgetary authority in the General Fund for payment of the final North Carolina Department of Transportation (NCDOT) invoice for paving improvements at the LFI Complex and for the distribution of the remaining Front Street-Lexington, LLC funds in accordance with the respective ownership interests of the City of Lexington and Team Family Partnership, LLC.
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Recommendation:
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Consider adopting ORDINANCE 040-2026 to provide budgetary authority in the General Fund for payment of the final North Carolina Department of Transportation (NCDOT) invoice for paving improvements at the LFI Complex and for the distribution of the remaining Front Street-Lexington, LLC funds in accordance with the respective ownership interests between the City of Lexington and Team Family Partnership, LLC.
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CITY OF LEXINGTON, NORTH CAROLINA
ORDINANCE 040-2026
AMENDMENT TO THE ANNUAL BUDGET FOR FISCAL YEAR ENDING JUNE 30, 2027 RELATED TO GENERAL FUND RELATED TO FRONT STREET-LEXINGTON, LLC AND THE NORTH CAROLINA DEPARTMENT OF TRANSPORTATION REFERENCE LFI COMPLEX AND SIEMENS
BE IT ORDAINED by the City Council of the City of Lexington, North Carolina that the following amendment be made to the annual budget ordinance for the fiscal year ending June 30, 2027:
Section 1. To amend the General fund, the appropriations are to be changed as follows:
Section 2. To amend the General fund, the estimated revenues are to be changed as follows:
Section 3. Copies of this budget amendment shall be furnished to the Clerk to the City Council, and to the Budget Officer and the Chief Financial Officer for their direction.
Adopted this the 14th day of September 2026.
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Jason Hayes, Mayor
ATTEST:
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Emily M. Jackson, CMC, NCCMC
City Clerk