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Amendment to the Annual Budget for fiscal year ending June 30, 2027 related to General Fund by Ordinance 040-2026
presenter
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:
recommendation
Consider adopting ORDINANCE 040...
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