Revitalization Commission Agenda and Packet 2015 01 12

Home Browse Search

Revitalization Commission Minutes December 8, 2014 Page3of5 Public comments — none Chair Becker closed the Public Hearing Motion to approve — Commissioner Menaker made a motion to approve Resolution 2014-05 approving a budget amendment. Commissioner Fisher seconded the motion. The motion was approved unanimously. b. Public Hearing: 2015 LRC Budget Chair Becker opened the Public Hearing. The 2015 LRC budget must be approved to allocate revenues that will be received in 2015. DeJong presented the highlights of the 2015 budget: 1) $363,740 of TIF revenues due to the LRC from increases in property valuations from new construction. 2) $42,000 for support services to the City of Louisville. This is a $6,100 increase from 2014 to accommodate additional staff time related to increased activity. 3) $45,000 for The IGA between the City and LRC for funding the Gateway Underpass specifies the 2015 LRC funding commitment. 4) $325,000 to fully fund the costs for the regional detention facility. 5) $54,250 The IGA among the County, City, and LRC specifies for the 2015 LRC budget year and future years assuming the 14.3% shareback rate, which is changing to 7.15% according to the terms in the IGA. An amendment to the 2015 budget is expected in early 2015 to account for adjusted TIF. Per the Finance Director, it is cleaner documentation to approve what is in the Council budget for 2015, then do an amendment. Commissioner Comments — none Public Comments — none Chair Becker closed the Public Hearing Motion to approve — Commissioner Fisher made a motion to approve Resolution 2014-06 approving the 2015 LRC budget. Commissioner Tofte seconded the motion. The motion was approved unanimously. Commissioner Gorsevski joined the meeting. c. Placement Agent Agreement with George K. Baum: DeJong said the agreement with George K. Baum (GKB) as the LRC's placement agent needs to be formalized. GKB provides a role related to the Core Area TIF Bonds including: 4