Staff details REIT funds, capital projects and EOC/SAR phased work
Finance staff described REIT 1 and REIT 2 revenue rules and available balances, said REIT funds require projects to be on the capital-improvement plan to be used, and listed major capital items including EOC/SAR Phase 1 (shell) and potential Phase 2 requests.
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Presenter (Speaker 3) reviewed real-estate excise tax (REIT) capital funds and their history, explaining REIT 1 and REIT 2 are each 0.25% levies on unincorporated real-estate activity and that funds typically transfer to capital-projects funds to pay projects.
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