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Council adopts memorandum of understanding to allocate proceeds from Willowbrook land sale to joint capital fund
Summary
Council approved an MOU with the BPU to repay the electric fund loan used to buy 2009 Willowbrook acreage and to place sale proceeds into a jointly governed capital-improvement fund for future land acquisitions.
The City Council on Aug. 11 adopted a memorandum of understanding and associated resolution to clarify how proceeds from the sale of city-owned land on North Willowbrook will be allocated and governed; the agreement formalizes repayment to the electric fund for the 2009 land purchase and sets up a joint capital fund for future land acquisitions.
Amanda (city staff) said the city originally purchased a larger tract in 2009 using electric-fund borrowing. As the city sells portions of that land, the MOU provides an accounting mechanism: repay the electric fund the principal and interest on the original purchase and deposit remaining proceeds into a capital fund that both the council and the Board of Public Utilities will jointly govern for future land purchases or mutually agreed projects.
Councilors said the first sale is expected to generate roughly $340,000 net after survey and closing; combined with remaining acreage the joint fund could grow to an estimated $300,000–$800,000 depending on future sales. Council adopted Resolution 2584 and Agreement A2530 to record the terms; staff said final sale closing and precise proceeds will be reported when complete.
