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SUBJECT: <br />DATE: <br />RESOLUTION 14 -02 — LRC TIF BOND <br />OCTOBER 13, 2014 <br />PAGE 4 OF 4 <br />(4) a certification that the expenditure for which funds are requested have actually <br />been incurred and are eligible Project Costs, <br />(5) a certification that the requested disbursement is in accordance with the terms <br />and provisions of the Core Project Area Agreement, and <br />(6) the total amount of Project Costs for which the Property Owner previously has <br />received disbursements from the Construction Fund. The Requisition shall <br />contain as attachments the bills, receipts, invoices, or other documents <br />evidencing the amount and purposes for which the disbursement is requested. <br />The City Council determined this bonding action adequately protects the City at their <br />October 7, 2014 meeting, in accordance with the IGA between the City and LRC. <br />FISCAL IMPACT: <br />A financial proforma attached estimates the tax increment revenues anticipated from <br />several projects as well as the principal and interest costs to facilitate the bonds. The <br />projects anticipated are: <br />1. DELO Project — 60 Townhomes, 108 Apartments, and 24,000 sf commercial <br />2. Tebo Project — 23,400 sf commercial /retail <br />3. Boom Property — 24 Apartments and 27,000 sf commercial <br />The first components of these projects would hit the assessment rolls on the December <br />1, 2016 assessments and continue through December 1, 2018. <br />RECOMMENDATION: <br />Staff recommends approval of the attached Resolution. <br />ATTACHMENTS: <br />1. Resolution 14 -02 <br />2. Staff Presentation <br />3. LRC Bond Resolution <br />4. Bond Purchase Agreement <br />5. Construction Fund Agreement <br />6. Paying Agent Agreement <br />7. Bond Proforma <br />8. Core Project Area Agreement with Exhibits A through D <br />LOUISVILLE REVITALIZATION COMMISSION <br />11 <br />