§ 5.06.060. Allocation of sale proceeds.

All plans and amendments to plans approved after the effective date of this chapter shall include provisions requiring that proceeds from all land sold by the tax increment agency shall be placed in a revolving fund where either: (a) the land was originally conveyed to the tax increment agency by the metropolitan government; or (b) the land was acquired in full, or in part, using such revolving fund assets. The revolving fund described in this section shall be designated to pay costs for acquisition of land in the plan area, for public improvements and facilities in the plan area, and for the implementation of the plan area where the land is located. The proceeds of such sale(s) shall not be used by the tax increment agency for projects or improvements in other plan areas without approval of the metropolitan council by resolution receiving twenty-one affirmative votes. The revolving fund will be held and managed by the tax increment agency. Any unexpended funds in the revolving fund at the termination of a plan will be deposited to the general fund of the metropolitan government.

(Ord. BL2016-157 § 1, 2016)