[eluser]mtpultz[/eluser]
As it stands using built in application packages within CodeIgniter the code needs to be in the third_party folder of that apps application folder. There doesn't seem to be a way to centralize the code more than that. So "as I understand it" you'd pull down a GIT repository (or similar) into the third_party folder in each application, and that's as good as it gets, but they would both be able to use the same code base, and just have to independently pull down new versions.
Hope that helps, if you figure out something a little more centralized let me know. I was researching this about a week ago and this is the conclusion that I came to based on docs, numerous websites, and stackoverflow.
Cheers
