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Council keeps proceeds from Stillwater property sales earmarked for development, approves $550,000 transfer to advance design work
Summary
Council authorized transfers to advance the Stillwater Business Park while preserving property-sale proceeds for future development needs: $550,000 in transportation impact fees will fund design, right-of-way and environmental work; council also kept $2.8 million in property-sales proceeds earmarked for Stillwater rather than moving it into uncommitted general fund balance.
City council approved a budget action to move property-sales revenue from the city’s capital projects account and to advance immediate work at the Stillwater Business Park. Staff said the item had two parts: a recommended transfer of $550,000 from the city’s transportation impact fee fund to fund right-of-way acquisition along Fig Tree Lane, design and engineering amendments, environmental work and staff time so work can continue while the city awaits an Economic Development Administration (EDA)…
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