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Land Bank's annual share of CIP set to rise after ordinance interpretation; account balance jumps
Summary
The Portland Land Bank Commission learned this year's half-percent CIP allocation increased the commission's funds from a $50,000 internal cap to roughly $230,000, bringing the account balance to about $775,000 and expanding available annual funding for projects.
The Portland Land Bank Commission heard on May 13 that a recent interpretation of the city's ordinance establishing a half-percent allocation of the Capital Improvement Plan (CIP) has increased this year's distribution to about $230,000.
"That brings our full account balance to about 775,000," Treasurer said during the meeting, adding that after previously allocated but unspent funds the commission's estimated available balance is about $725,000. Commissioners said the change reflects corporation counsel's view that the ordinance requires half a percent of the CIP rather than an internally imposed $50,000 cap.
The commission was told the council did not retroactively change past allocations. Chair said the council's action resulted in the larger ongoing allocation and noted the amount will fluctuate annually as the CIP changes.
Members discussed using the larger sums more aggressively for projects. Chair emphasized the need to move from a cautious spending posture to staging more competitive project investments now that the commission will receive a larger annual allocation.
The increase, staff said, will apply going forward unless the City Council formally amends the ordinance. Commissioners did not take a formal vote on any new spending at the May 13 meeting; they discussed options for accelerating project spending and coordination with capital planning.
