2.97.110 Conservation Futures Opportunity Account.
Pierce County recognizes the importance of having the flexibility to pursue the purchase of exceptional conservation futures properties using conservation futures funds which become available outside of the normal selection process outlined in PCC 2.97.040 and establishes a Conservation Futures Opportunity Account using an allocation from Conservation Futures Fund to acquire such properties. Acquisitions of conservation futures properties using funds from the Conservation Futures Opportunity Account shall be selected and approved using the procedure outlined in this Section.
A. Through adoption of the County biennial budget, the Executive shall propose and the Council shall consider allocating an amount of not more than $500,000 from the Conservation Futures Fund to be reserved for possible acquisition of exceptional open space properties selected and approved under this Section. At the end of the budget cycle, any unused funds in the Conservation Futures Opportunity Account shall be carried over to subsequent years and shall be allowed to accumulate a fund balance not to exceed $4,000,000 subordinate to all debt.
B. All properties purchased through the Conservation Futures Opportunity Account shall utilize the following selection process:
1. Within six weeks of notification from the Council or Executive of a proposal to fund a conservation futures property through the Opportunity Account, the TAC shall review the project and provide comments and the Board shall hold a public meeting to evaluate the proposal using the evaluation categories in Table 2.97.110-1 and make a recommendation to the Council on the proposal.
2. The Parks and Recreation Department shall submit for Council approval a resolution outlining the exceptional opportunity at hand; specific details of the proposed purchase; and certification the property meets the requirements of subsection C of this Section.
3. Upon approval of the resolution, the Executive shall be authorized to acquire the property in accordance with the provisions of this Chapter.
4. Opportunity Account projects shall close within one year of award.
C. All properties purchased using the Conservation Futures Opportunity Account shall meet the following criteria:
1. The property shall meet the minimum eligibility requirements in PCC 2.97.060.A following the definition of an "exceptional opportunity" as defined in PCC 2.97.020 as determined by the Department.
2. The property shall be under sufficient threat of immediate development or financial distress, as detailed by the Sponsor, which would preclude it from being considered in the next regular application and award cycle called for in PCC 2.97.040.
D. Once all funds in the Conservation Futures Opportunity Account are utilized, no further purchases shall be authorized under this Section until such time as the Council appropriates additional funds by ordinance.