Consent 1.N.
Regular City Council Meeting
- Meeting Date:
- 08/13/2012
- TITLE
- Second Reading Ordinance Designating Park 2 Expansion as an Urban Renewal Project
- PRESENTED BY:
- Bruce McCandless
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
At the July 23, 2012 meeting, the City Council approved an ordinance on first reading that names the Park 2 expansion project as an urban renewal project in the Expanded N. 27t Street district. This action is necessary in order to expend tax increment funds on the Park 2 refinancing debt. The ordinance must now be approved on second reading.
ALTERNATIVES ANALYZED
The City Council may approve or disapprove the ordinance on second reading. Disapproving it will make it impossible to use tax increment to help pay for the Park 2 debt and will imbalance the Parking Fund FY 2013 budget.
FINANCIAL IMPACT
Adopting the ordinance has no financial impact. However, if Council adopts it, it permits transferring $100,000 per year from tax increment to the Parking Fund to help pay the Park 2 expansion debt.
RECOMMENDATION
City Staff recommends that the City Council approve the ordinance on second reading.