§ 3.76.020. Land bank fund.

There is established a special fund which shall be called the land bank fund. It shall exist as a revolving fund on a continuing basis from year to year.

A.

There shall be transferred or paid into the fund the following funds:

1.

Proceeds from the sale, lease or rental of land bank holdings including the proceeds of sale of surplus City property as approved from time to time by the City Council;

2.

Federal and other grant funds which have been received by the City for this purpose;

3.

Special appropriations as may be authorized by the City Council;

4.

Interest accruing on funds on deposits of investments;

5.

Other refunds relating to expenditures from the fund;

6.

Any other receipts or refunds allocable to the fund.

B.

There shall be paid or expended from the fund the following costs and charges:

1.

Costs directly related to the purchase and development of land bank holdings. These costs include the cost of land acquisition, escrow costs, title insurance, certain public improvements, development costs, public improvement costs;

2.

Costs directly related to the sale, lease or rental of land bank holdings;

3.

Staff administration costs;

4.

Any expenditures authorized by the City Council necessary for the operation of the program as may be related to matching federal and other grants.

(Ord. C-5428 § 2, 1978: Ord. C-5337 § 2, 1977)