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L <br />Cityot <br />Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />DATE: <br />LRC 2015 BUDGET <br />DECEMBER 8, 2014 <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />The 2015 LRC budget must be approved to allocate the revenues to be received in <br />2015. The highlights of the 2015 budget are as follows: <br />1) $363,740 of TIF revenues due to the LRC from increases in property valuations <br />from new construction. <br />2) $42,000 for support services to the City of Louisville. This is a $6,100 increase <br />from 2014 to accommodate additional staff time related to increased activity. <br />3) $45,000 for The IGA between the City and LRC for funding the Gateway <br />Underpass specifies the 2015 LRC funding commitment. <br />4) $325,000 to fully fund the costs for the regional detention facility. <br />5) $54,250 The IGA among the County, City, and LRC specifies for the 2015 LRC <br />budget year and future years assuming the 14.3% shareback rate, which is <br />changing to 7.15% according to the terms in the IGA. <br />The City Council has approved the attached budget through the overall City Budget in <br />October /November. <br />An amendment will be coming for approval in the next few months. This amendment <br />will include adjusting the estimated TIF revenue to reflect the final valuations by the <br />Boulder County Assessor, adjust the County TIF share back amount to reflect final <br />property valuations and rates, and allocate the estimated TIF bond revenues and <br />expenditures for 2015. <br />RECOMMENDATION: <br />Staff recommends approval of the attached LRC Resolution 2014 -06 to approve the <br />2015 LRC Budget. <br />LOUISVILLE REVITALIZATION COMMISSION <br />9 <br />