Explanation
BACKGROUND: Ordinance 2656-2003, passed December 8, 2003, established the Rocky Fork Tax Increment Financing Fund to pay for certain public infrastructure improvements. This legislation authorizes the appropriation and transfer of cash totaling $604,206.04 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund for park land acquisition.
FISCAL IMPACT: The passage of this ordinance will allow the transfer of $604,206.04 cash from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund and the appropriation of $604,206.04 within the Recreation and Parks Permanent Improvement Fund. Funds from the Rocky Fork TIF Fund pursuant to this ordinance and to Ordinance 1542-2013, can only be spent on TIF eligible purposes (such as site acquisition and development costs) at the Davis site or at nearby sites that are also in the immediate vicinity of and providing benefits to the Rocky Fork TIF District.
EMERGENCY DESIGNATION: Emergency designation/action is requested to allow the financial transaction to be posted in the City's accounting system as soon as possible and to immediately facilitate the acquisition of park land.
Title
To authorize the appropriation of $604,206.04 within the Rocky Fork Tax Increment Financing Fund; to authorize and direct the City Auditor to transfer cash totaling $604,206.04 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund to provide funding for park land acquisition; to amend the 2013 Capital Improvements Budget Ordinance 0645-2013; to authorize the appropriation of $604,206.04 in the Recreation and Parks Permanent Improvement Fund; and to declare an emergency. ($604,206.04)
Body
WHEREAS, this legislation authorizes the transfer of cash totaling $604,206.0400 from the Rocky Fork Tax Increment Financing Fund to the Recreation and Parks Permanent Improvement Fund to provide funds f...
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