Laserfiche WebLink
L <br />Cityot <br />Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />DATE: <br />LRC AMENDED 2014 BUDGET <br />DECEMBER 8, 2014 <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />The 2014 LRC budget was originally approved by LRC Resolution 2013 -04 on <br />December 9, 2013. With the Core Area TIF Bonds initial advance completed, the <br />approved budget needs to reflect the revenue the LRC received in 2014 from the bonds <br />into the Construction Fund. <br />Four amendments are proposed for the 2014 budget related to the Core Area Bonds <br />and are described below; <br />1) $750,000 revenue addition relating to the initial advance of the Core Area TIF <br />Bonds <br />2) $93,440 revenue from the DELO developers that goes into the Construction fund <br />to serve as the required 15% public improvement guarantee to the City. <br />3) $100,000 estimated expenditure of Construction Fund monies. The DELO <br />developer intends to submit a pay request for infrastructure work done this year. <br />The request is expected to be less than $100,000. <br />4) $55,500 expenditure for the Core Area Bond Issuance Costs. This includes the <br />fees for Butler Snow, George K. Baum, and U.S. Bank. <br />The City Council must also approve the amended budget. The attached resolution <br />conditions the adoption of the budget after the City Council has acted on it. <br />RECOMMENDATION: <br />Staff recommends approval of the attached LRC Resolution 2014 -05 to approve the <br />Amended 2014 LRC Budget, conditioned upon the approval by the Louisville City <br />Council. <br />LOUISVILLE REVITALIZATION COMMISSION <br />6 <br />