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"
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........................ 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.