ORDINANCE NO. 231020
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Sponsor: Councilmember Lindsay French
Waiving certain procedures of the City's Arterial Street Impact Fee Code; appropriating $1,898,959.00 from the Unappropriated Fund Balance of the Arterial Street Impact Fee Fund to an account in the Arterial Street Impact Fee Fund; appropriating $1,289,645.00 from Clay County Road & Bridge Tax funds held in the Parvin Road project account; estimating and appropriating $1,297,526.00 in Series 2023A General Obligation Bonds from the Arlington Road project account; authorizing the execution of a funding agreement for the amount of $5,000,000.00 with the Tax Increment Financing Commission and Hunt Midwest for the widening of N.E. 48th Street from I-435 East to the dead end and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, Committee Substitute for Ordinance 190532 appropriated collected impact fee funds for the end of Fiscal Year 2018/19 and was the last impact fee allocation ordinance providing for a true accounting and balance of the Arterial Street Impact Fee Fund program; and
WHEREAS, Ordinance 230146 recognizes the collected revenue in FY 2020/21 and FY 2021/22 for Arterial Street Impact Fee District D currently in the Parvin Road Project 89008266; and
WHEREAS, no Advisory Committee has been established for Arterial Street Impact Fee District D and there exists a fund balance that is requested to be allocated into the project account; and
WHEREAS, Ordinances 200172, 210178 and 220486 authorized the expenditure of $9,000,000.00 in General Obligation Bonds to the Tax Increment Financing Commission for Hunt Midwest to construct Arlington Road: and
WHEREAS, a balance of $1,297,526.00 remains in excess of the Arlington Road project expenses with the TIF Commissions: and
WHEREAS, Hunt Midwest is currently constructing the extension of N.E. 48th Street East which will connect to the previously construc...
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