Title
Land Sale Proceeds
Proposed Motions
1. That the Land Sale Update be received for information, as presented.
2. That Council approve the transfer of proceeds from the sale of S 1/2 of 30-51-05-W5 to the County Facilities Restricted Surplus.
Body
Administration Recommendation
Administration supports the proposed motions, as presented.
Purpose
To notify Council of the sale of the S 1/2 of 30-51-05-W5, and request authorization for the funds to be transferred into the County Facilities Restricted Surplus as per policy.
Summary
During the March 1, 2022 Governance and Priorities Committee meeting Council received a presentation from Administration on the County Lands identified for potential sale in 2022.
The first of these properties was listed publicly on March 31, 2022. Several offers were received within the two week public marketing period. All offers were reviewed with consideration for both economic and social impacts as a key deciding factor. After careful consideration, we accepted an offer that we determined as being the best choice for the County. Based on information provided, the use of Lands will be personal recreation and agriculture.
The subject lands are non-designated freehold parcels; based on the Municipal Government Act, proceeds from the sale are considered general revenue. Parkland County Policy C-F105 identify's that proceeds from the sale of capital assets and land are to be considered as a funding sources for our County Facilities Restricted Surplus. The Policy, additionally, speaks of the role of Council in the authorization of transfers in and out of restricted surplus accounts. Based on these requirements, we request Council to approve the transfer of the sale proceeds from the subject lands into the County Restrictive Facilities Surplus.
Strategic Plan/Policy/Legal/Staff Implications
Policy C-F105 Restricted Surplus
Financial Impact:
Revenue: County Facilities Restricted Surplus