Sec. 55.112. - Project and Program Funding; the Downtown Economic Development Fund.

The DIA Board, acting in their capacity as the community redevelopment agency, may fund CRA Projects, CRA Programs, and professional services included in the community redevelopment plan portion of the BID Plan from the applicable CRA Trust Fund. CRA Projects and CRA Programs and Downtown Projects and Programs may be funded by the DIA, acting in their capacity as the public economic development agency for Downtown, from the previously approved Downtown Economic Development Fund budgeted activities, the Authority's approved annual budget or by separate City Council appropriation ordinance. With each request for approval of a Project or Program that requires future funding from the City's General Fund/General Services District (GF/GSD), the DIA shall include a summary of those Projects or Programs approved previously that also require funding from the City's GF/GSD. The summary shall provide each project's return on investment anticipated funding timeline and the amount by fiscal year, including the subject request presented for approval. This DIA funding summary and timeline shall be included as part of the legislative file along with the proposed development agreement of each such request. (a) Downtown Economic Development Fund . The Downtown Economic Development Fund ("Fund ") shall consist of all donations and contributions of money, including gifts and grants received by the City, for use in furthering the goals of the DIA, as well as funds as may be appropriated from time to time by Council. (i) All sums placed into the Fund, which shall include all interest and investment pool earnings earned or accrued thereon, shall be accounted for in a separate account and shall not lapse at the close of any fiscal year but instead shall carry over to the next fiscal year. (ii) The DIA shall supervise and administer the Fund for purposes established in the BID Plan, as amended from time to time, for Projects and Programs located within the Downtown. The DIA shall review, approve and administer the Fund consistent with the Council-appropriated budget and no additional approval shall be required from the Council for expenditure of funds in accordance with the Council appropriated budget. (b) Contract Authority. Contracts for development and redevelopment in Downtown shall be executed by the Mayor, unless otherwise approved by this Part. (Ord. 2014-560-E , § 12; Ord. 2016-140-E , § 14; Ord. 2022-218-E , § 1; Ord. 2023-716-E , § 1)