Fiscal Note
Fiscal note pending. The proposed resolution authorizes a land sale between the Community Development Authority (CDA) and Parks Department for lots that will be converted into a new park in the Allied Drive neighborhood. The lots being sold through this transaction were initially sold to the CDA from the City as part of a land transaction in 2008. To date, the City has not received repayment from the CDA for the outstanding debt. If adopted, the proposed resolution will forgive the outstanding debt owed to the City from the CDA. The outstanding debt will be repaid through future increment in TIF District 29.
The proposed resolution also amends the 2016 Adopted Capital Budget to appropriate $357,000 from the Citywide Parkland Impact Fee acquisition funds for the land purchase. CDA Redevelopment will use the proceeds from the land transaction to support affordable housing initiatives in the Allied Drive area. The 2016 Adopted Capital Budget includes $6.0 million within the Community Development Division budget for citywide affordable housing efforts, a portion of these funds were intended for use in the Allied Drive neighborhood. Upon adoption of this resolution and the land transaction, those funds will be applied towards other affordable housing projects.
Title
SUBSTITUTE Amending Enactment No. RES-08-00057 and authorizing the Mayor and City Clerk to execute a purchase and sale agreement and partial release of mortgage for CDA-owned lots in the Allied Drive area; and Amending the 2016 Adopted Capital Budget to appropriate $357,000 from the Citywide Parkland Impact Fee acquisition funds within the Parks 2016 Capital Budget (MUNIS Project 17128).
Body
WHEREAS, on January 22, 2008, the Common Council adopted Enactment No. RES-08-00057, File No. 08380 (the “2008 Resolution”), authorizing the redevelopment of the Allied Drive area by the Community Development Authority (CDA), the conveyance of City-owned lands to the CDA, and the provision of approxim...
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