Leistiko to Council/Monk Property Purchase0H4 11 "Pill 11111111111111111111 11 1111 lipill III ; 1111111p�! 111 111' 11111
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FROM: Fred A. Leistiko, Airport Manager
Myrt Webb, Interim City Manager
FISCAL IMPACT: The Airport TIF has budgeted $800,000 for airport
development in the FY 09/10 Budget. Approximately half of that amount is
currently available in the Airport TIF. The cost of land acquisition is an approved
use of Airport TIF funds and this purchase would be eligible for 95% FAA
reimbursement when the expansion project is given the go ahead by the FAA.
Furthermore, this property would be useful to the airport and the City regardless
tf the expansion project.
RECOMMENDATIONS: That the City Council grant the City Attorney and the
Airport Manger permission to negotiate a buy -sell agreement with Mrs. Monk
subject to the conditions stated herein and start the process of annexation and
TIF expansion. The Urban Renewal Plan update process is currently underway
and awaiting the Planning Board public hearing process to be completed before it
is brought back to the City Council for approval.
ALTERNATIVES: As suggested by Council
Respectfully submitted,
Myrt VV&b, Interim City Manager Fred A. Leistiko, " ort Manager