ACTION REQUESTED:
Title
Communication from the City Manager and the Finance Director/Comptroller with a Request to ADOPT an ORDINANCE AMENDING the City of Peoria 2016/2017 BIENNIAL BUDGET Relating to the EAST VILLAGE GROWTH CELL TIF HOUSING PROGRAM, in the Amount of $250,000.00.
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BACKGROUND: On August 25, 2015, the City Council approved the East Village Growth Cell TIF Housing Program and associated Program Guidelines. At that time the Council also approved the designation of $250,000 in available TIF increment for the EVGC Housing Program for 2016 and 50% of the Unrestricted TIF Fund Balance to the Housing Program for subsequent years. The attached budget amendment establishes the program expenditures for 2016 in the amount of $250,000.
FINANCIAL IMPACT: The East Village Growth Cell TIF Fund budgeted expenditures will be increased by $250,000.
NEIGHBORHOOD CONCERNS: Significant public input was obtained through the process of the approved program.
IMPACT IF APPROVED: Compliance with the internal control system and legislative requirement to keep the approved budget in balance.
IMPACT IF DENIED: Failure to recognize increase in budgeted expenditures.
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