City Council

10.a.CONSIDERATION AND APPROVAL OF A REAL ESTATE INVESTMENT FUND (REIF) AND MANAGEMENT PLANThe Real Estate Investment Fund (REIF) strategic framework prioritizes "Community Activation Use," focusing on the acquisition and improvement of distressed or underutilized parcels to create community hubs and attract investment. By utilizing debt financing and a "Net Cost" accounting model, the City can leverage this initial investment through financing to build a diversified portfolio of revenue-generating and civic assets while ensuring long-term property appreciation and tax-based growth. City staff proposes that the REIF be seeded with five million dollars ($5,000,000) transferred from the General Fund balance reserves and managed internally with City Council approving acquisitions, sales, and major expenses with semi-annual reports on progress maintaining transparency, accountability, and alignment with community priorities.RECOMMENDED ACTION: Staff recommends City Council discuss andapprove the following:1. Real Estate Investment Fund (REIF) Management Plan; and2. Establishment of the Real Estate Investment Fund (REIF) seeded with $5 million transferred from the General Fund balance reserves.