§ 304-31 — Development Fund

304-31. Development Fund.

1. PURPOSE. The purpose of the development fund is to provide city investment in projects that increase the city’s tax base, create employment opportunities and provide long-term economic benefit. 2. FUNDING SOURCE. General obligation borrowing shall be used to capitalize the development fund. 3. FUND ALLOCATIONS. a. Allocations to the development fund shall be restricted to the following: a-1. Provide grants or loans to projects that redevelop taxable property, resulting in tax base growth. a-2. Fund infrastructure work to facilitate private investment, including the city’s share of riverwalk development and streetscaping projects. a-3. Fund environmental testing and brownfield remediation to facilitate private investment. a-4. Fund land acquisition, demolition and landscaping activities that improve the business environment. a-5. Provide grants or loans to offset employee training costs for projects involving capital investment that result in retention or expansion of permanent private employment. b. The development fund shall not be used for planning or marketing activities, or for supporting conventions or tourism. 4. EXPENDITURES. All expenditures from the development fund shall be approved by the common council.