Resolution No. 07-32 CITY OF TIGARD, OREGON
TIGARD CITY COUNSIL
RESOLUTION NO. 07- �.
A RESOLUTION AUTHORIZING THE TRANSFER OF $670,000 FROM PARKS CAPITAL
FUND TO THE WATER CAPITAL IMPROVEMENT PROJECT FUND IN ORDER TO
CONVERT THE CLUTE PROPERTY FROM A WATER ASSET TO A PARK ASSET
WHEREAS, in 1997, the City of Tigard purchased the Clute property to provide access to a water
capital improvement project known as the Menlor Reservoir; and
WHEREAS, upon completion of the Menlor project,portions of the Clute property were unused; and
WHEREAS, the Intergovernmental Water Board, following City of Tigard surplus property
procedures, declared the unused portion of the original Clute parcel surplus and authorized a partition
of the property; and
WHEREAS, the surplus property was partitioned and is identified by address as 13230 SW 154f
Avenue,Tigard, Oregon, and by Tax Lot as 2S105DB06100; and
WHEREAS, the surplus property has yet to be sold; and
WHEREAS, the surplus property was appraised in 2007 for$700,000, contingent upon the removal of
the existing structures located on the site; and
WHEREAS, the structures can be removed at an estimated cost of $30,000, ultimately making the
appraised value of the surplus property$670,000;and
WHEREAS, the City has undertaken a survey of potential park and open space sites and has identified
this property as a good location for a future park;and
WHEREAS, this property was recently annexed into the City of Tigard with the intent of developing a
future park; and
WHEREAS, the City has decided to convert the use of the Clute property to a park by paying the
Water Capital Improvement Fund with money from the Parks Capital Fund; and
WHEREAS, the City desires to spread this Parks Capital Fund expenditure over a five-year period in
order to retain financial flexibility while negotiating other park and open space purchases.
RESOLUTION NO. 07 -3,Z,
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NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
SECTION 1: T he City Council authorizes the transfer of$670,000 from the Parks Capital Fund to
the Water Capital Improvement Project Fund in order to convert the Clute property
from a water asset to a park asset.
SECTION 2: This transfer shall take place over a five-year period, beginning in FY '07/'08 and
ending in FY '11/'12. Each year $134,000 of the original $670,000 shall be transferred
from the Parks Capital Fund to the Water Capital Improvement Project Fund. In
addition, interest, computed according to the current Local Government Investment
Pool interest rate, shall be computed and paid on the outstanding balance. This
interest will be deposited in the Water Capital Improvement Fund.
SECTION 3: The Water Capital Improvement Fund will be monitored. Should that fund need to
debt finance to fund water capital projects, the City Manager will advise the Council
and the Council will act to transfer the outstanding balance immediately to avoid or
minimize the additional expenses of debt financing.
SECTION 4: This resolution is effective immediately upon passage.
�l
PASSED: This„l day of 2007.
Mayor- bty of Tigard
ATTEST:
City Recorder- City of Tigard
RESOLUTION NO. 07 -
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