Title
Consider/Discuss/Act on an Ordinance Amending TIRZ No. 1's Fiscal Year 2014-2015 Annual Budget to Provide Funding for Vacant/Underutilized Site/Buildings
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: April 7, 2015
DEPARTMENT: Planning
CONTACT: Michael Quint, Director of Planning
Rodney Rhoades, Chief Financial Officer
Matt Robinson, AICP, Planning Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends that the City Council approve the proposed ordinance amending the Fiscal Year (FY) 2014-2015 Annual Budget for TIRZ No. 1.
ITEM SUMMARY:
* On March 17, 2015, the Board for Tax Increment Reinvestment Zone (TIRZ) No. 1 approved an amendment to the Fiscal Year 2014-2015 Annual Budget for TIRZ No.1 which authorizes the expenditure of up to $100,000 annually for Vacant/Underutilized Site/Building incentives as outlined in the policy governing the awarding of TIRZ No. 1 funds.
* The policy governing the awarding of TIRZ No. 1 funds is attached for additional information.
* Before any payment can be processed for Vacant/Underutilized Site/Building projects, the City Council must approve a budget amendment. The current annual budget for expenditures from the TIRZ fund balance is $210,500 (encumbered by an agreement with the Flour Mill). This proposed budget amendment will increase the budgeted expenditures amount to $310,500.
* The proposed $100,000 allocation for Vacant/Underutilized Site/Building incentives is anticipated to be a recurring line item in each annual budget moving forward, unless otherwise modified by the TIRZ Board or the City Council.
BACKGROUND INFORMATION:
* N/A
FINANCIAL SUMMARY:
* The current budget for expenditures is $210,500
* The proposed budget for expenditures is $310,500
* The current fund balance is $2,003,720
* The remaining unencumbered fund balance will be $1,903,720
BOARD OR COMMISSION RECOMMENDATION:
* The Board for TIRZ No. 1 appro...
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