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File #: 14-0543    Version: 1 Name: 4/7/14 Establish Policy for Distribution of Proceeds from Sale of the Library Lot
Type: Resolution Status: Passed
File created: 4/7/2014 In control: City Council
On agenda: 6/2/2014 Final action: 6/2/2014
Enactment date: 6/2/2014 Enactment #: R-14-172
Title: Resolution to Establish a Policy for the Distribution of Proceeds from the Sale of the Development Rights on 319 S. Fifth Ave. (the Library Lot)
Sponsors: John Hieftje, Sabra Briere, Christopher Taylor, Chuck Warpehoski
Title
Resolution to Establish a Policy for the Distribution of Proceeds from the Sale of the Development Rights on 319 S. Fifth Ave. (the Library Lot)
Body
Whereas, The Budget Committee recommended that Council determine on a property-by-property basis how to best utilize the proceeds from the sale of City-owned property, whenever they are ultimately sold, by considering all of the needs of the City at the time of sale, especially the need for affordable housing;
 
Whereas, The Budget Committee further recommended that no less than 10% of net proceeds of any sale will be allocated and distributed to the Affordable Housing Trust Fund;
 
Whereas, The City Council adopted the Budget Committee's recommendation on October 15, 2012;
 
Whereas, The continued economic needs for affordable housing have not diminished;
 
Whereas, The City's need to maintain a robust general fund reserve and budget flexibility also remains; and
 
Whereas, The City Council has begun the process of selling the development rights for 319 S. Fifth Avenue (commonly called the Library Lot);
 
RESOLVED, That City Council direct the City Administrator to allocate 50% of any and all proceeds, after fees and closing costs, from the sale of development rights at 319 S. Fifth Avenue to the Affordable Housing Fund; and
 
RESOLVED, That City Council further direct the City Administrator to allocate the remaining 50% of the proceeds to the General Fund reserve.
 
Sponsored by: Mayor Hieftje, Council Members Briere, Taylor and Warpehoski