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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Samuel Magureanu, Finance Director <br /> Chris Heineman, City Administrator <br /> <br />DATE: December 14, 2022 <br /> <br />RE: Closure of Owasso/Woodlyn Redevelopment Fund (474) <br /> <br />ACTION REQUESTED: <br />Authorize fund balance transfer from Owasso/Woodlyn Redevelopment Fund 474 to EDA Fund <br />105 and close fund 474 and approval of the remaining cell tower purchase payments from Crown <br />Castle to the City of Little Canada as revenue to the General Capital Improvement Fund 400. <br />BACKGROUND: <br />When the City purchased the Donovan Construction site at 53 South Owasso Boulevard in 2013, <br />the City also purchased the existing cell towers. The City negotiated and approved the sale of the <br />two cell towers in 2018, however it took two years to finalize the easement agreements with the <br />buyer of the land (Primoris/Q3 Contracting) and ultimately close on the sale. As part of the <br />closing, $324,873 was received with the remaining payments to be received over nine years. <br />These funds were recorded in the Owasso/Woodlyn Redevelopment Fund (474). <br />Fund 474 was established in 2013 to account for redevelopment in the Owasso/Woodlyn area. <br />When the fund was established, a transfer was received from the EDA Fund (105) in the amount <br />of $350,000 and a $329,655.78 loan from the Water/Sewer Infrastructure fund 604 (This loan <br />had been paid in full in 2018). These funds were used to purchase property at 53 South Owasso, <br />which included the two cell towers. Now that the property and cell towers have been sold, staff <br />is recommending to transfer the remaining fund balance of $672,375 to the EDA Fund (105) <br />since the activity in the fund resulted due to the EDA 350,000 investment. <br />An accounting of Fund 474 from 2013 to 2021 is as follows: