City Council Minutes 1988 05 03 - Laserfiche WebLink

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under the Statute, it must have an election in October. In order to stay on that time table, the members of the Authority must in the next two to three weeks approve' the organizational document. After that is done, a financing study will be completed and will be made available to all of the members. And additional hearing of this type can then be held specifically on the financing recommendations. W'e don't even know yet whether the Authority wants to recommend some of the things that the Stai~ute allows. We aren't to that point yet." Williamson reiterated that this Agreement does riot speak to the issue of financing. That will come at a later date. Six citizens spoke in favor of the highway. Among the comments made were 1) the highway would bring economic growth to Louisville, 2) the need to reduce traffic congestion on U.S. 36, and provide a route to the airport without going through the City of Denver, 3) encourage tourism, and 4) relieve auto exhaust: from idling automobiles. Mayor Fauson commented that financing is not the issue tonight. "I don't want my taxes going up either and I would'. like to hear more on W-470 before I make my decision..." Mayor Fauson asked Mr. Wurl to speak ~to some of these concerns and Louisville's ability to withdraw from the Authority at any time. Mr. Wurl stated the study regarding financing has been an ongoing ends=_avor and will be completed in the near future. A financing plan will be submitted to the individual members of the Authority. After each City's review and hearings, each entity can decide whether to commit to that plan or "bail out." Mr. Wurl stated that the actual development of the financing plan is going to be done by the members of the Authority and therefore have the opportunity to have input on the plan. Mr. Wurl directed comments to questions raised by the public. The fc>ur types of taxing mechanisms that would require a vote of the people are 1) an annual motor vehicle registration fee of not more than $10, 2) a sale;a and/or use tax not to exceed 4/lOths of one percent, 3 ) a head tax not to exceed $2 monthly from each employee and $2 per month for each employee from the employer, and 4) the formation of improvement districts. The only two items that can be imposed without a vote of the people are the value capture or tax increment limited to 25$ of i~he increase in value and the 3