Adopt Resolution #12-10-XXX For the Transfer of Funds to the Housing and Redevelopment Authority (HRA) Fund to Carry out the Goals of the Redevelopment Plan of 2007. - This item was removed from the Consent Agenda.

In 2007, the city created a redevelopment plan for the area west of Armstrong Boulevard.  Even though the original project didn't commence (Ramsey Crossings) the city still desires to fulfill the necessary public improvements that would enhance this improvement area.   One of the improvements necessary to enhance this area is the realignment of Armstrong Boulevard.

To carry out this improvement, the HRA would like to acquire the Wiser Choice building in the amount of approximately $1.1 million. 

The city would fund this project from the $1.7M county funds that they are applying to the Armstrong/Sunwood Drive Realignment Project and transfer $1.1M to the HRA for the property purchase. The validity of this transfer was confirmed with the city's legal and bond counsel.

The County Funding for the city's Armstrong/Sunwood Drive Realignment Project in the amount of $1.7M would fund $1.1M of the property purchase of Wiser Choice. 

Motion to recommend Council Adopt Resolution #12-10-XXX approving the transfer of funds to the Housing and Redevelopment Authority from the City's county fund contribution in the amount of $1.1M.