Broward commission lowers payments to Nova University for garage, library

The Broward County commission lowered its payment obligations with Nova Southeastern University for the design, construction and operation of a joint-use library and parking garage created in 1999.

The commission has been regularly reducing its obligations since Oct. 2, 2007, again on Nov. 13, 2008, following up with an agreement in August 2009 that released the county from the remaining parking garage construction costs of $10,739,831 (the county went from 843 spaces available to the public to 190 spaces in 2007). The 2008 change reduced obligations for operations and materials.

The commission approved a staff-negotiated fourth amendment for fiscal year 2010 that lowered the expenses even more due to tight budget constraints for Broward County government this year.

In FY10, the County’s payments to NSU for operations and materials are reduced from $5,910,872 to $4,429,519. After applying the previously agreed upon reduction amounts; the County’s FY10 contribution to operating expenses and materials are further reduced by 8.5% or $411,487, the same percentage reduction applied to the Libraries Division this fiscal year.

The County’s monthly payment amounts for operating expenses will be $302,885 per month from October 1, 2009, to June 30, 2010; and $311,971 from July 1, 2010, to September 30, 2010. The County’s annual payment obligation for materials is $767,641.

Additionally, NSU has agreed to defer the County’s obligation, pursuant to Section 6 of the Original Agreement, of an initial payment of $2.5 million for the fifth floor build-out to January 2, 2014.

Related posts:

1. Residents Can Make Partial Payments on 2009 Property Taxes
2. Tax increase still equals budget cuts in Broward; final budget approved tomorrow
3. Broward commissioners FINALLY pass budget
4. Broward commission rejects proposed 2011 budget; asks for more cuts to keep same tax rate
5. Broward Climate Change Action Plan passed unanimously by Broward County Commission

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Posted by Andrea Freygang on Oct 28 2009. Filed under Broward County, Davie, Fort Lauderdale, Local news, Schools. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry