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Department a; <br />REQUEST FOR CITY COUNCIL ACTION <br />9/15/03 <br />s <br />Agenda nage Approval: 1 n <br />REPORTS/RECOMMENDATION <br />Item Description-: Arona Land Proceeds <br />Summary of Re uesto <br />On August 4 and 18 the Council discussed the possible use of the proceeds from the sale of <br />the Arona site and future tax increment generated from existing TIF District # 12. <br />1.2 The use of the lard proceeds to reduce the 2004 budget was discussed as an option. A <br />motion should be made regarding the use of the land proceeds, if the Council chooses to use <br />the proceeds to reduce the budget deficit. <br />2,0 Sources of Proceeds: There are two sources of proceeds generated by the development of <br />the Arona Site for an estimated total of $3, 285,143 as follows: <br />2.0 Sugeested Use of Proceeds: - There have been sever uses identified in the past -3 months <br />by the City Council, City Manager, Finance Director, Community Development Department <br />and the HRA. Those uses are as follows: <br />a. Development Costs — The past and future costs associated 'with the Arona development <br />include the following for an estimated total of $191399000 <br />9 Site Preparation Costs incurred - 1259000 <br /># Pond Improvements/Pathway - $660,000 <br />0 Terrace Drive Extension - $354,000 <br />h. Non Development Costs options — once the development costs have been covered, <br />there is an estimated balance of $2,146,143 that can be applied to non- Arona specific <br />uses. Those uses identified are as follows: Pans Improvements, HRA for housing <br />purposes, Future Development opportunities. <br />3.0 Sunirested Council Action — By motion, make a decision regarding the use of the Arona <br />Proceeds and direct staff to begin the process for a TI' District Finance Plan modification <br />for future TIF District 912 increment. <br />RCA Arona Proceeds (09 1 503 ) - Page 1 of I <br />