AgdaPkt 2012-09-10 - Laserfiche WebLink

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6.5.D. - Page 2 Block 2 was purchased in or about 1955 with the parking bonds, and developed for surface parking purposes. The bonds issued in connection with Parking District No. 1 were paid off as of June 1, 1985, and no ad valorem assessment has been levied on real property within Parking District No. 1 since at least 1978. ANALYSIS Ordinance No. 785 currently provides that in the event the City sells property originally acquired from bond proceeds, "the proceeds of the sale shall be used for the following purposes and in the following order of priority (a) For the purchase of other off-street parking places or facilities for the parking district, or for improvements, additions and extensions to the existing facilities therein (b) To pay the principal of and interest on the parking bonds of this issue or any additional parking bonds of the district then outstanding (c) To make the refunds provided in Section 35705 provided in the Parking District Law" Section 35705 of the Parking District Law of 1951 requires that proceeds of sale be refunded to then owners of property in the parking district that has been assessed, in proportion of the total assessments on a parcel to the total of all parcels, but not to exceed the total by any owner, and that any balance after such refunds shall be placed in the general fund. However, the public interest may be better served with the sale proceeds being used for municipal purposes than providing individual refunds to current commercial property owners within Parking District No. 1. In the case of the Block 2 sale the bonds issued in connection with Parking District No. 1 have long since been paid off and no ad valorem assessment has been levied on real property within Parking District No. 1 since 1978. Therefore, the public interest is not served by making refunds to the current property owners of real property within the parking district. Accordingly, the proposed amendment provides that "the proceeds of the sale shall be used for the following purposes: (a) For the purchase of other off-street parking places or facilities for the parking district, or for improvements, additions and extensions to the existing facilities therein; (b) To pay the principal of and interest on the parking bonds of this issue or any additional parking bonds of the district then outstanding; (c) To pay the principal of and interest on parking loans of the district then outstanding; or (d) For any other municipal purpose as determined by the City Council to be in the best interest of the residents of the City."