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<br />LOUISVILLE REVITALIZATION <br /> <br />COMMISSION <br /> <br /> <br /> <br /> <br /> <br />SUBJECT: UPDATE ON CORE PROJECT AREA TIF BOND PROGRESS <br />DATE: AUGUST 11, 2014 <br />PRESENTED BY: AARON M. DEJONG <br />SUMMARY: <br />This memorandum is to update the LRC on progress of the Core Project Area TIF <br />revenue bonds. <br />BACKGROUND: <br />The Core Project Area Agreement among the City, Takoda, and the LRC was executed <br />on July 1, 2014. The Agreement outlines the infrastructure projects intended to be <br />funded by a TIF revenue bond. The main infrastructure projects to be funded are; <br /> Construction of new streets <br /> Cannon Street from South to Griffith <br />o <br /> Short Street from Cannon to Highway 42 <br />o <br /> South Street from Cannon to Highway 42 <br />o <br /> Repaving of Griffith Street from BNSF to Cannon Street <br /> New water, storm water, and sanitary sewer mains within the following streets if <br />needed; <br /> Cannon Street <br />o <br /> South Street <br />o <br /> Short Street <br />o <br /> Lafayette Street <br />o <br /> Additional City drainage with Lafayette Right of Way <br /> Public Plaza east of Cannon Street <br /> Public area west of Cannon Street <br /> Modifying Comcast property to unencumber the public area <br /> $350,000 for Regional Detention <br /> Landscaping and public amenities along streets <br /> Design, Construction Management and bonding costs <br />DISCUSSION: <br />The final set of documents needed to fund the bonds is approval by the LRC of a bond <br />resolution, bond purchase agreement, Construction Fund Agreement, and paying agent <br />agreement. <br />The main points within the bond documents are; <br />1. The Bond will be issued in the maximum principal amount of $4.5 <br />million. Upon the initial issuance of the Bond, the Purchaser will advance <br />LOUISVILLE REVITALIZATION COMMISSION <br /> <br />