HomeMy WebLinkAboutCity Council Ordinance 2024-12 CITY OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
ORDINANCE No. 2024-12
ORDINANCE AMENDING SECTION 321 OF THE CITY CODE
CONCERNING THE COMMUNITY IMPROVEMENT FUND
THE CITY OF PLYMOUTH ORDAINS:
SECTION 1. Chapter 3, Section 321.05 of the City Code is amended, with existing text,
deleted tcx , and new te;, as follows:
Section 321.05.—Use of Fund.
Subd. 1. Generally.The Community Improvement Fund shall be used only when all of in accordance
the following are met:
A. The project has sufficient community wide benefit as determined by its intended uses,
addresses a community need or problem, and is consistent with other city goals, programs and
policies.
B. The expenditure for the project is for an item of a capital nature.
C. it the protect has not been included in the previous capital improvement plan,Tthe Council has
conducted a public hearing on whether the proposed project should be funded. Notice
specifying the date, time and place of the hearing, the project to be funded, and the amount of
funding shall be published on the city's website.
D. If principal is used, it must be either a loan to be repaid, or no further expenditures may be
made from the fund until the principal has been restored to its previous amount plus ten
percent of the earnings that would have been generated.
E. If principal is used, it is limited to 50%of the principal balance.
DF. If principal is used, 1*here has been an estimate prepared outlining the ongoing annual
operating and maintenance costs expenses and proposed funding sources for the project for a
five year period. and the source for paying such costs identified.
E. Expenditures for a project in excess of$3,9 e e,e e e.!! . - -• . -. _ _ _ . . . • _ --
votes cast in a regular or special election.
Subdivision 1, expenditures from the Community Improvement Fund shall require at least five
affirmative votes of the Council, but shall not require voter approval, if the expenditure is for a project
that has been included in the Capital Improvement Program for at least the current year or is declared
liability insurance policies, and does not exceed $3,000,000.00 for any site or project location.
Subdivision 1, expenditures from the Community Improvement Fund shall require a simple majority
votes of the Council, but shall not require voter approval, if the expenditure:
Ordinance 2024-12
Page 2
.. . . .. . .... . .
years;
until the principal is repaid plus ten percent of the investment earnings that would have been
generated on the principal at the previous amount; and
Improvement Fund's investment earnings from the previous two calendar years prior to the
expenditure, not to exceed $3,000,000.00 for any site or project location.
SECTION 2. Effective Date.This ordinance shall take effect ninety(90) days after its passage and
publication.
ADOPTED by the City Council on this 9th day of April, 2024.
Jeffry Wosje, Mayor
ATTEST:
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Jo.i M.Gallup,City Clerk/1w