ITEM: 9.1 PUBLIC HEARING - Joe Huss, Finance Director
Title
AUTHORIZE USE OF CAPITAL IMPROVEMENT FUND PRINCIPAL
Background
The City Council will be conducting a public hearing to consider the adoption of a resolution authorizing an inter-fund loan from the Capital Improvement Fund (CIF) to the Parks Development Fund to assist in the financing of the construction of the Lexington Athletic Complex (LAC). At this date, there is $7 million available for inter-fund loans. The resolution below authorizes use of up to $4 million as an inter-fund loan for the LAC project. Per chapter 2, article IV of the City Code, the expenditure of CIF principal in the form of an inter-fund loan is permissible so long as a public hearing considering the matter is conducted and a resolution is adopted by the affirmative vote of at least six (6) Council members. The public does have the opportunity to bring this item forward as a referendum for a vote at the next general election if a petition, signed by a number of voters equal to or greater than 10% of the votes cast in the last general election, is filed with the city clerk within 30 days of the public hearing.
In Council Workshops considering this matter, the City Council found that the project provides sufficient community-wide benefit and is consistent with City goals, programs and policies. Per City ordinance, this finding has been incorporated into the following resolution.
Schedule of Actions
Hold Public Hearing |
January 2, 2014 |
Approve authorizing resolution |
January 2, 2014 |
Recommendation
Adoption of the following Resolution
Body
WHEREAS, Sections 2.151 - 2.154 of the Blaine City Code authorizes the City Council to approve the use of principal held in the City's Capital Improvement Fund (CIF) for qualifying projects; and
WHEREAS, On January 2, 2014, a public hearing was held whereby Council considered the inter-fund loan of $4,000,000 from the CIF to the Parks Development Fund to finance the construction of the Lexington Athletic Complex ("the project"); and
WHEREAS, The project has sufficient community-wide benefit consistent with other City programs and goals; and
WHEREAS, The project would not otherwise occur but for financing from the CIF; and
WHEREAS, the expenditure of funds from the CIF meets all requirements of Sections 2.151 through 2.154 of the Blaine City Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Blaine that an inter-fund loan of up to $4,000,000 from the Capital Improvement Fund to the Parks Development Fund to assist in the funding for the Lexington Athletic Complex project is hereby authorized.
BE IT FURTHER RESOLVED that City staff will develop the terms and repayment schedule for the inter- fund loan for City Council approval at a future meeting.
PASSED by the City Council of the City of Blaine this 2nd day of January, 2014.