FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to appropriate $73,782.83 of proceeds received from the sale of 528 Colonel Ledyard Highway to Capital Account #21014301-53306 (Land Use - P & Z Document Updates).)
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Background:
Net proceeds of $84,011.13 were realized upon the sale of 528 Colonel Ledyard Highway. Legal fees of $10,228.30 were incurred and paid out of the Land Use legal budget during FY 25/26. These will be reimbursed and restored to the Land Use legal line from the net proceeds leaving a balance of $73,782.83.
By appropriating the balance to the aforementioned capital line, it allows the current year capital request of $75,000 to be reduced thereby lessening the impact to the tax levy on the FY 26/27 proposed budget.
Department Comment/Recommendation:
(type text here)
Finance Director Comment/Recommendation:
I support this action.
Mayor Comment/Recommendation:
This action closes out the longest standing blight issue in Ledyard and applies the funds directly to the department that oversaw the enforcement action. I support this request.