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HomeMy WebLinkAbout1998-02-23 98-126 ORDERCOUNCIL ACTION Item Nom -326 _ t Date: b23 -9g 6 Item/Subject: ORDER: Establishment of a Designated Fund Balance Reserve ERdtled "Demolition Reserve" Responsible Department: Trestargr Fimmor Commentary: — During the past few years, the City has som our increase in the number of properties taken by a tax lien foreclosme or by Code Enforcement pmuW ings. In most cases, possessiou was taken w insure dre removal of public safety hazmds. The costa ofsoch removals are annually home by the City, whereas, they may be charged in the previous owners but are not usually collectible. Once the safety hazards are removed, in most cases the property is sold by the City m a new owner and reestablished on the tax rolls. This amendment to the Designated and Undesignated Fund Balance Policy would deposit the proceeds from the sale of such property into a Demolition Reserve. The Reserve would then be used to offset the costs of fume demolition or removal of safety hazards from in in code enforcement acquired property. Department Head ManagWsCommanh: Ciry Mavagm Asmuated Information: Q MAU , Qi gaooar.i.a:nP Budget Approval: ca-_ Finance Director Legal Approval: City Sour r Introduced for Passage Most Reeding Page.—of .. Bob rral 98-126 Awipredto Gmneier aaldacci February 23, 1 8 p CITY OF BANGOR (TITLE.) (pfDPX ., .,. Establishment of a Desrgnmed Fwd Balance Reserve Entitled "Demolition Reserve" By t)W Cily Cmmtil of City of Bo . ORDRRRDe TWT in accordance with Article V4 Section 19 of the City Charter and the guidelines set forth in Council Order 96247 "Designated and Undesignated Fond Balance," the attached amendment to the aforemwtioned policy for the establishment of a Designated Demolition Reserve is hereby adopted. IN CITY COUNCIL February 23, 1998 Passed CITY CLERR 98-126 ORDER Title, Establisluuent of a Designated Bund Balance Reserve Entitled "Demo- lition Reserve" ...................................... ........................ 4............. -2 a. Aeugred to ..........lnj.jFa�I V ......... Councilman 98-126 b AMENDMENT DESIGNATED AND UNDESIGNATED FUND BALANCE 9. Demolition Reserve Purpose. The Demolition Reserve is intended to provide potential somce of funding for the demolition and/or removal of public safety hamuds on property acquired by Tax Lien or Code F orcement proceedings. Funding. The Demolition Reserve may be funded by direct annual appropriation in the City's operating budget and through transfers from undesignated fund balance or other designated reserves. In addition, the proceeds from the sale of property acquired through Tax Lien or Code Enforcement proceedings shall be placed in oils reserve. Authority to Use. The City Council most authorize the use of this reserve through an appropriation resolve. Amounts and Limits. No limitations ere placed on the amounts which may he placed in this reserve.