When previously issued tax increment bonds were sold, the purchase and demolition of the Workforce Center was not contemplated.  The resolution allows for remaining bond proceeds to be applied to these costs.  The City has approximately $1.8 million of debt proceeds remaining.  The original bond was issued primarily to finance the construction of Unbridled Avenue.

A separate resolution is also being proposed that will allow for these same costs to be reimbursed with future bond proceeds.  Ultimately, this will provide the city with the flexibility of using available bond proceeds from past/future tax increment bond sales toward eligible city costs related to Tax Increment Financing District No. 18.