The Carnegie Arts Foundation's bankroll could get a bit of a boost come Tuesday if the Turlock City Council agrees to return the majority of their performance security deposit.
The City Council will vote Tuesday night on whether or not to return $70,000 of the Foundation's remaining $80,000 deposit.
In October 2009, the city entered into a lease agreement with the Foundation to operate the Carnegie Arts Center. At that time it was stipulated that the Foundation put down a $100,000 deposit.
In May 2012, the Foundation requested a full refund of the deposit. The city opted to return $20,000 to the Foundation and hold the remainder as a performance security deposit.
City staff has recommended the current refund based in part on the Foundation's successful operations of the Carnegie Arts Center.
If the City Council approves the refund, the Foundation will get $70,000 back plus any accrued interest. The remaining $10,000 will be kept as a deposit, with the accrued interest paid out to the Foundation each July 31.
The funds would not be part of the Foundation's endowment and could be used as part of their operational budget.
At Tuesday night's meeting the City Council also is expected to:
• Award a contract to Fresno-based Serna Construction in an amount not to exceed $107,552 for the Monte Vista Avenue widening project. Additionally, the Council is expected to appropriate $87,100 from gas tax revenues to fund the project. The project will install curbs, gutters, a sidewalk, storm drain, and fire hydrant on Monte Vista Avenue, west of Dels Lane, between Yosemite Farm Credit and RiteAid. The project is connecting two portions on Monte Vista and won't create any additional through lanes.
• Approve the purchase of 11.34 acres of land at 1801 S. Walnut Road for $857,000 as part of the new master plan storm water basin project selected for the site.
• Accept the 2012 annual report from the Turlock Fire Department.
• Receive information of the 2013-14 Non General Fund budget.
The Turlock City Council is scheduled to meet at 6 p.m. Tuesday in the Yosemite Room of Turlock City Hall, 156 S. Broadway.