Adopt Resolution #15-06-141 Policy for the Reimbursement of Land Proceeds and Tax Increment for TIF Area #14 (COR)

Purpose:  Section 12.5:  Sales of Real Property of the City's Charter states:  If there are proceeds from the sale of real property, if there is no outstanding indebtedness, the council may by resolution designate some other public use for the proceeds.

Background:  The Policy for the Reimbursement of Land Proceeds and Tax Increment for TIF Area #14 (COR) was adopted by the City Council at its regular meeting of June 10, 2014 (copy of policy is attached).  With the recent land sales that have taken place in the past couple of weeks, staff was made aware that this policy should have been adopted by a resolution as outlined in the City's Charter.

 

As Council has already adopted this policy, this is strictly a housekeeping item to assign a resolution number to the policy as required by the City Charter.

Staff recommends the adoption of Resolution #15-06-141 which is formally assigning a resolution number to a policy that was adopted on June 10, 2014.

Motion for City Council to adopt Resolution #15-06-141 to the Policy for the Reimbursement of Land Proceeds and Tax Increment for TIF Area #14 (COR)