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Council reviews $1.6M in CDRA funds, agrees to reimburse completed work and pursue road and safety projects
Summary
Staff told the council two legacy CDRA areas contain roughly $1.6 million that must be spent before sunset. Council agreed to reimburse about $349,000 to the general fund for prior roadway/trail work, move forward with Union Park medians/road reconstruction and consider contributing to a regional moderate-income housing investment fund to meet MIHP commitments.
City staff briefed council on two legacy CDRA (RDA/TIF) project areas that together hold about $1.6 million in funds and will sunset in coming years. Scott (finance) explained staff identified roughly $349,000 that is eligible for reimbursement to the general fund for road and trail projects previously funded from general revenues; that breaks down to roughly $75,000 from the Cottonwood corporate area…
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