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()- <br />TAXINCREMENTFINANCINGHOUSINGDISTRICTNO.18 <br />SECTION2.08PROPOSEDREUSEOFPROPERTY <br />TheDevelopmentProgramreservestheauthorityfortheCitytoacquirepropertyandreconvey <br />thesametoanotherentity.AllparcelsintheDevelopmentDistrictareeligibleforacquisition. <br />Inacquiringland,theCityCouncilwillrequiretheexecutionofabindingdevelopment <br />agreementwithrespecttheretoandevidencethattaxincrementsorotherfundswillbeavailable <br />torepaytheProjectCostsassociatedwiththeproposedacquisition.ItistheintentoftheCityto <br />negotiatetheacquisitionofpropertywheneverpossible.Appropriaterestrictionsregardingthe <br />reuseandredevelopmentofpropertyshallbeincorporatedintoanydevelopmentagreements <br />towhichtheCityisaparty. <br />SECTION2.09ADMINISTRATIONANDMAINTENANCEOFDEVELOPMENT <br />DISTRICT <br />MaintenanceandoperationoftheDevelopmentDistrictwillbetheresponsibilityoftheCity <br />AdministratorwhoshallserveasadministratoroftheDevelopmentDistrict.ByJuly1ofeach <br />yeartheAdministratorwillsubmittotheCityCouncilthemaintenanceandoperationbudget <br />forthefollowingyear,pursuanttotheprovisionsofSection469.130oftheDevelopmentAct. <br />TheAdministratorwilladministertheDevelopmentDistrictpursuanttotheprovisionsof <br />Section469.131oftheDevelopmentDistrictAct;provided,however,thatsuchpowersmayonly <br />beexercisedatthedirectionoftheCityCouncil.NoactiontakenbytheAdministratorpursuant <br />TheCitydoesnotanticipateincurringanyannualmaintenanceandoperationscostsforthe <br />DevelopmentDistrict. <br />SECTION2.10AMENDMENTS <br />TheCityreservestherighttoalterandamendtheDevelopmentProgram,subjecttothe <br />orreducethesizeandscopeoftheDevelopmentDistrict,theDevelopmentProgramandthe <br />ProjectCosts. <br />DRAFTFORPUBLICHEARINGOCTOBER9,20194 <br />15 <br /> <br />