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HomeMy WebLinkAboutEDA Resolution No. 2022-20RESOLUTION NO.2022.20 A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY OF COLUMBIA HEIGHTS, MINNESOTA, AppRovtNG THE TRANSFER OF s2,931,655 FROM EDA REDEVELOPMENT FUND 408 TO THE GOVERNMENTAL BUTLDINGS FUND 411, AND APPROVING THE TRANSFER OF S15O,OOO FROM EDA ADMINTSTRATION FUND 2O4TO GOVERNMENTAL EqUIPMENT FUND 431 WHEREAS, the Economic Development Authority of Columbia Heights, Minnesota (the Authority) carried out a redevelopment project at 3989 Central Avenue NE for multiple public purposes including securing a site for a new city hall; and WHEREAS, this project resulted in the Authority receiving certain assets totaling S2,931,655 over the Authority's cost in this projec| and WHEREAS, not intending to own the new city hall or any of its related assets, the Authority elects to transfer these assets to the City for construction of the new city hall; and WHEREAS, the Minnesota Office of the State Auditor has established a fund balance guideline for local governments to generally apply to operating funds of the local government, because retaining more fund balance that necessary for operations is a burden on taxpayers; and WHEREAS, the operating fund of the Authority currently has fund balance above this threshold; and WHEREAS, best financial practices include pairing the one-time source of such available fund balance with appropriate one-time uses, such as purchases of capital equipment through the Governmental Equipment Fund 431. NOW, THEREFORE BE lT RESOLVED that, after appropriate examination and due consideration, the Authority 1. Approves the transfer of 52,931,555 from EDA Redevelopment Fund 408 to the Governmental Buildings Fund 411. 2. Approves the transfer of S150,000 from EDA Administration Fund 2O4lo Governmental Equipment Fund 431. ORDER OF ECONOMIC DEVELOPMENT AUTHORITY Passed this 26th day of September 2022 offered bv Nttti rek)4 Seconded bV: l4t,WZ4 fiRollcall: frll 0U4eS n Attest:ql7,'? Altrt^W1"cretary MarlainL izurek, ereside$ -