(a) There is hereby created a Chardon Square Capital Improvement Fund to account for capital expenditures that are in line with the City's current and future Comprehensive Plan. Such expenditures include, but are not limited to, land and property acquisition that would achieve the goals in the Comprehensive Plan.
(b) The City will set aside a maximum of 2 percent of income tax collections to provide funding for the aforementioned capital expenditures. This set-aside shall continue until the goals for Chardon Square have been achieved, as identified by the current and future Comprehensive Plan.
(c) Funding sources can also include transfers from the General Fund and other revenues that are earmarked specifically to improving Chardon Square, as identified in the Comprehensive Plan.
(d) If none of the funds has been spent or encumbered by February 13, 2030, the Finance Director shall transfer all money in the Chardon Square Capital Improvement Fund to the General Fund. (Ord. 3111. Passed 2-13-20.)