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Revitalization Commission Agenda and Packet 2014 10 13
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Revitalization Commission Agenda and Packet 2014 10 13
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10/14/2014 10:15:03 AM
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RCPKT 2014 10 13
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SUBJECT: <br />DATE: <br />RESOLUTION 14 -02 — LRC TIF BOND <br />OCTOBER 13, 2014 <br />PAGE 2 OF 4 <br />improvements being financed through the TIF bonds and outlines the financial <br />commitments from all the parties to complete the infrastructure. Generally, the <br />improvements eligible for reimbursement are: <br />• Construction of new streets <br />• Cannon Street from South to Griffith <br />Short Street from Cannon to Highway 42 <br />South Street from Cannon to Highway 42 <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 />South Street <br />• Short Street <br />o Lafayette Street <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 />Several documents are needed for the issuance of the bonds. Each agreement will be <br />discussed below. <br />LRC Bond Resolution <br />This document authorizes the ability to sell bonds in a total maximum amount of <br />$4,500,000 at 7% interest for funding infrastructure improvements outlined in the Core <br />Project Area Agreement and for issuance costs associated with the bonds. The <br />resolution also approves the other agreements necessary to facilitate execution and <br />maintenance of the bonds. <br />The bonds will be paid through receipt of Pledged Revenues, which are calculated from <br />the taxes generated from increased property tax values of the Core Project Area above <br />the December 1, 2012 valuations ($1,080,337 assessed value). Pledged Revenues do <br />not include the payment to the County outlined in the 2006 Tri -party Agreement as they <br />are superior to this debt and not an eligible revenue source for repayment. Before <br />paying any debt service on the bonds, Pledged Revenues will first be used to pay the <br />Core Project Area's share of staff costs outlined in the 2011 Amended and Restated <br />LOUISVILLE REVITALIZATION COMMISSION <br />9 <br />
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