HomeMy WebLinkAbout2017-126 Council ResolutionCITY OF LINO LAKES
RESOLUTION NO. 17-126
RESOLUTION AUTHORIZING THE TRANSFER AND COMMITMENT OF LEGION
LAND SALE PROCEEDS
WHEREAS, the Governmental Accounting Standards Board's Statement #54 (GASB 54)
allows the governing body to formalize the commitment of unassigned fund balance to a
specified purpose; and
WHEREAS, the City Council is the highest level of decision making authority, and has the
authority to commit, assign, or evaluate fund balance classifications and identify the intended
uses of committed or assigned funds; and
WHEREAS, the committed fund balance classification reflects amounts subject to internal
restraints self-imposed by the City of Lino Lakes; and
WHEREAS, once the committed fund balance restraints are imposed, it requires the constraint
to be removed by the City Council of the City of Lino Lakes prior to redirecting the funds for
other purposes; and
WHEREAS, council action is required to formalize the commitment of the funds.
NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes,
that the net sale proceeds of $88,352 from the American Legion land sale be transferred to the
Economic Development Fund and committed to future economic development opportunities
subject to the council's discretion.
Adopted by the Council of the City of Lino Lakes this 13th day of November, 2017.
The motion for the adoption of the foregoing resolution was introduced by Council Member
Manthey and was duly seconded by Council Member Kusterman and upon
vote being taken thereon, the following voted in favor thereof:
Manthey, Kusterman, Maher, Rafferty, Rrre'rt
The following voted against same:
none
ATTEST:
e Bartell, City Cle
Jeff Reinert
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CITY COUNCIL
AGENDA ITEM 2B
STAFF ORIGINATOR: Sarah Cotton, Finance Director
MEETING DATE: November 13, 2017
TOPIC: Consider Resolution No. 17-126, Authorizing the Transfer and
Commitment of Legion Land Sale Proceeds
VOTE REQUIRED: 3/5
INTRODUCTION
The City Council is being asked to consider Resolution No. 17-126, Authorizing the Transfer
and Commitment of Legion Land Sale Proceeds
BACKGROUND
In 1990, the Lino Lakes Economic Development Authority purchased lots 12-16, Block 2,
Carole's Estates as part of a Public Safety complex including construction of a new Fire
Station. The properties were transferred to the City as part of the project financing. In 1999,
following completion of the Civic Complex, the City sold the former Police Station (Lot 15) to
the American Legion.
In 2017, the American Legion expressed a need to expand parking to efficiently operate their
existing facility. Through negotiations with the American Legion, the City Council reached an
agreement for the sale of Lot 14, Block 2 of Carole's Estates 2nd Addition for a price of
$90,000. At the time of sale, staff had proposed utilizing the sale proceeds to assist in future
economic development opportunities subject to the council's discretion (i.e. Land Acquisition,
Gap Funding, etc.). Council did not take formal action regarding this commitment at the time
of sale.
Staff is requesting council approval to transfer the sale proceeds to the Economic Development
Fund and commit the funds to future economic development opportunities subject to the
council's discretion.
RECOMMENDATION
Staff recommends the approval of Resolution No. 17-126.
ATTACHMENTS
Resolution No. 17-126