ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2017 AMENDED ANNUAL BUDGET Relating to the Use of the EAST VILLAGE GROWTH CELL TIF Fund Balance Relating to the EAST VILLAGE HOUSING PROGRAM, in the Amount of $87,753.00.
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BACKGROUND: On August 15, 2015, the City Council approved the East Village Growth Cell TIF Housing Program and associated Program Guidelines. The approve program provided for future funding in subsequent years in an amount equal to 50% of the Unrestricted East Village Growth Cell TIF Fund. The Unrestricted Fund balance as of December 31, 2016 for the East Village Growth Cell TIF (Unaudited) is $175,505.52. Therefore, in accordance with the approved Housing Program the attached budget amendment establishes the program expenditures for 2017 in the amount of $87,753.00 (50% of $175,505.52).
FINANCIAL IMPACT: The East Villager Growth Cell TIF Fund budgeted expenditures will be increased by $87,753.00.
NEIGHBORHOOD CONCERNS: Significant public input was obtained through the process of the approved program.
IMPACT IF APPROVED: Compliance with the approved East Village Growth Cell TIF Housing Program approved by Council in August, 2015.
IMPACT IF DENIED: East Village Growth Cell TIF expenditures would not be increased by $87,753.00. The City would not be in compliance with the approved Housing Program.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
2. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
2. Reinvest in neighborhoods.
DEPARTMENT: Finance