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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Appropriation <br />Agenda Date Requested:April18, 2015 <br />Source of Funds: <br />Requested By: Traci Leach <br />Account Number: <br />Department: Administration <br />Amount Budgeted: <br />Report: _X_Resolution: __Ordinance: ___ <br />Amount Requested: <br />Budgeted Item: YES NO <br /> <br />SUMMARY & RECOMMENDATION <br />This item has been placed on the agenda at the request of Councilman Martin. <br />Two of the areas of emphasis for the Council has been beautification and revitalization. At this <br />time, there is no dedicated funding source that would provide funds for projects identified as <br />beautification or revitalization. Some examples of how this fund could be used are purchasing <br />blighted properties, demolition of blighted properties, and landscape projects that bring increased <br />aesthetics. <br />Questions raised in regards to implementing this fund: <br />Where would the money come from? In addition to General Fund monies, 4B funds may <br />be used for land acquisition if it is used for eligible economic development purposes. <br />How much money is needed to get started? If eliminating blight is the primary focus for <br />this fund, substantial funding will be necessary in order to acquire blighted properties. <br />For example, the former Rush oaks apartment complex has an appraised value of <br />$743,000 and the values of various apartment complexes along Broadway range from <br />several hundred thousand to just over $1 million. <br />What guidelines should be placed on how the money could be spent?If 4B funds are <br />utilized for this program, the statutory guidelines will provide the parameters on how <br />funds can be used. However, if General Fund dollars are used, staff would like to receive <br />additional feedback from the Council regarding preferences for what types of projects <br />should be pursued. <br />Who would be the fund manager? The City Manager would provide primary oversight <br />over the expenditure of funds from this type of fund. Procedurally, all major <br />expenditures for land acquisition would be approved by the Council. <br />How do other cities acquire property at an opportune time for the purpose of infill or <br />revitalization? <br /> <br />Action Required: <br />Provide direction. <br />Approved for City Council Agenda <br />____________________________________ _______________________ <br />Corby D. Alexander, City Manager Date <br /> <br />