2021.10.05 WS Packet - Laserfiche WebLink

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Article 7. Development Fund Sec.2-170.Declaration of Intent. The City shall maintain a Development Fund as a revolving fund which shall be used at the discretion of the City Council for the benefit of all projects and programs. To the extent possible,the Fund shall be maintained as an ongoing fund which shall be replenished in accordance with the terms of this Article. (Ord.No. 527, 2-26-85; Code of 2001) Sec.2-171. Purpose. The Development Fund shall be used for the following purposes: (1) To provide support for projects that require unexpected or interim financial assistance. (2) To provide a source of funding that can be used to avoid the need for or reduce the extent of long- term debt. (3) To provide a single depository for any short-term debt. (4)To centralize financial control of assisted projects and programs. (5) To provide a depository for monies. (6) To facilitate the establishment of accounts including: A.Housing Account. Monies in this account shall be used to promote the City's housing goals, especially the development of elderly housing. B.Project Account. This account shall be a depository of all monies not placed in the housing account. (Ord.No. 527,2-26-85; Code of 2001) Sec.2-172.Regulation and Process. Use of the Development Fund must adhere to the following: (1) The expenditure of any monies from an account and the transfer of monies between accounts shall require a 4/5 vote of the City Council. (2) The removal of any monies from the Development Fund for purposes other than those specified in Section 2-171 shall require a 4/5 vote of the City Council. (3)Any project or program to be financed using the Development Fund must be within a project area as defined in Minnesota Statutes, Chapter 472(A) or 462. (4)Development Fund monies should be adequately secured by liens, ownership options,tax increment, security bonds,guarantees, development agreements, and other similar means. (5)To reduce risk,the money should be allocated to a number of projects and programs if possible. (Ord. No. 527,2-26-85; Code of 2001) 2-22