Explanation
Background:
This ordinance appropriates and transfers $390,595.71 from the existing Gowdy Field TIF Fund 437 to the Recreation and Parks Department for the support of various projects in planning area 13. This ordinance will also authorize the future appropriation and transfer of $109,404.29 from the same TIF Fund 437 as part of $500,000.00 commitment established by Ordinance #2079-2005.
Financial Impact: The City Auditor is directed to transfer and appropriate $500,000.00 from the Gowdy Field TIF Fund to the Recreation and Parks permanent improvement fund 747.
Emergency Justification: Emergency action is requested so that funds are available for necessary expenditures before the end of the year.
Title
To authorize the current appropriation and transfer of $390,595.71 from the Gowdy Field TIF Fund 437 to the Recreation and Parks Permanent Improvement Fund 747 for the support of various projects in planning area 13; to authorize the appropriation and transfer of $109,404.29 from the Gowdy Field TIF Fund 437 at a later date as TIF funding in Fund 437 becomes available; and to declare an emergency. ($500,000.00)
Body
WHEREAS, the Department of Development established Gowdy Field TIF Fund 437 by authorization of Ordinance #2079-2005, which passed City Council 12/12/2005; and
WHEREAS, the Department of Recreation and Parks has committed to development in planning area 13 using the TIF Fund 437; and
WHEREAS, the city authorizes the appropriation and transfer of $500,000.00 to the Department of Recreation and Parks to support various projects in planning area 13; and
WHEREAS, the current balance available for transfer is $390,595.71 and therefore the balance of $109,404.29 will be transferred as funds become available; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Recreation and Parks in that it is immediately necessary to appropriate said funds so that they are available for necessary expenditures before the end of...
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