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CC Regular Session 4. 10. <br />Meeting Date: 10/09/2012 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Adopt Resolution # 12-10-XXX For the Transfer of Funds to the Housing and Redevelopment Authority (HRA) <br />Fund to Carry out the Goals of the Redevelopment Plan of 2007. <br />Background: <br />In 2007, the city created a redevelopment plan for the area west of Armstrong Boulevard. Even though the original <br />project didn't commence (Ramsey Crossings) the city still desires to fulfill the necessary public improvements that <br />would enhance this improvement area. One of the improvements necessary to enhance this area is the realignment <br />of Armstrong Boulevard. <br />To carry out this improvement, the HRA would like to acquire the Wiser Choice building in the amount of <br />approximately $1.1 million. <br />The city would fund this project from the $1.7M county funds that they are applying to the Armstrong/Sunwood <br />Drive Realignment Project and transfer $1.1M to the HRA for the property purchase. The validity of this transfer <br />was confirmed with the city's legal and bond counsel. <br />Funding Source: <br />The County Funding for the city's Armstrong/Sunwood Drive Realignment Project in the amount of $1.7M would <br />fund $1.1M of the property purchase of Wiser Choice. <br />Council Action: <br />Motion to recommend Council Adopt Resolution #12-10-XXX approving the transfer of funds to the Housing and <br />Redevelopment Authority from the City's county fund contribution in the amount of $1.1M. <br />$1.1M Transfer to HRA <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/04/2012 08:22 AM <br />Form Started By: Diana Lund Started On: 09/26/2012 11:22 AM <br />Final Approval Date: 10/04/2012 <br />