Explanation
Background:
The purpose of this legislation is to authorize the appropriation and transfer of $133,000.00 from the Special Income Tax Fund No. 430 to the Voted 1995 and 1999 Parks and Recreation Bond Fund No. 702; and, to authorize the Director of Recreation and Parks to enter into two purchase agreements for property identified as follows:
1) Fraley Property, 352 S. Nelson Road, Parcel #010-43629
2) Schomaker Property, 312 S. Nelson Road, Parcel #010-19485
This is an Urban Infrastructure Recovery Fund (UIRF) project. These properties contain condemned houses that will be demolished to clean up the area around Academy Park behind Cleo Dumaree Athletic Complex.
This ordinance is submitted as an emergency to allow closing dates negotiated with the Real Estate Division to be met.
Fiscal Impact:
The transfer of $133,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund is a temporary measure until the City sells notes or bonds to fund these improvements.
Title
To authorize the appropriation and transfer of $133,000.00 from the Special Income Tax Fund to the Voted 1995 and 1999 Parks and Recreation Bond Fund, to authorize the Director of Recreation and Parks to enter into two purchase agreements for property located on S. Nelson Road, to authorize the expenditure of said funds, and to declare an emergency. (133,000.00)
Body
WHEREAS, the city desires to purchase two pieces of property on S. Nelson Road; and
WHEREAS, the City will sell notes or bonds to fund this project and will reimburse the Special Income Tax Fund, and this transfer should be considered as a temporary funding method; and
WHEREAS, the aggregate principal amount of obligations which the City will issue to finance this project is presently expected not to exceed $133,000.00; and
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department in that it is immediatel...
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