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MEMORANDUM <br /> DATE: August 18, 1999 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: PURCHASE OF 2809 - 30TH AVENUE NE <br /> Per your request, I researched funding options for the purchase of 2809 - 30' Avenue <br /> NE. It is my understanding that the purchase of this property could provide the City <br /> entrance and exit capabilities or assist with water drainage/holding area for the Harding <br /> Street holding pond project. <br /> A solid funding source for this purchase can be provided from non-designated <br /> stormwater fees in the Stormwater Fund (see attached). As of 7/31/99 the total cash on <br /> hand totaled $1,037,379.22. <br /> . A breakdown of the funds on hand is as follows: <br /> $ 748,200.52 Stormwater Project balance <br /> $ 289,178.70 Non-designated stormwater fees. <br /> $1,037,379.22 <br /> These non-designated stormwater fees represent monies collected prior to the start of <br /> the Stormwater Project. Council has the option of designating these funds towards <br /> stormwater projects and improvements. <br /> If at a later date, it is deemed that the property has no value towards the project or it <br /> has served its purpose of providing the City with access, the H.R.A. could buy the <br /> property and redevelop it at a higher taxable value similar to .what was done on Silver <br /> Lake Road. <br /> Recommendation: - <br /> Council designate funding for the purchase of 2809 -30' Avenue NE from the non- <br /> designated stormwater fees in the Stormwater Fund #702. <br />