Laserfiche WebLink
6/5/84 Page -5- <br />a:n additional $530,000. A Special Improve- <br />ment District is essentially an assessment <br />against the property owners in the downtown <br />area to repay bonds that are issued to <br />complete various beautification projects. <br />Thirdly they will be coming back to Council <br />to ask that a sales tax increase of 1% be <br />approved - 40% of that would be allocated <br />to the downtown beautification project <br />to repay the bonds that were issued to <br />pay for those improvements. The other <br />60% would be allocated to other general <br />City of Louisville public improvements, <br />i.e. parks, open space, etc. that Council <br />would designate. <br />The City would contribute $200,000; the <br />merchants, property owners, and leasees <br />would contribute approximately $530,000. <br />in the form of the Special Improvement <br />District; and the general population of <br />the City of Louisville would contribute <br />approximately $1,000,000 to provide for <br />the beautification and downtown improvements. <br />M.r. Rogers then introduced Russ Caldwell <br />of Kirchner Moore & Company. <br />Russ Caldwell, Vice President M:r. Caldwell gave a slide presentation of <br />Kirchner Moore & Co. Bonding the graphs and background information as <br />Co. t.o how the information was compiled and he <br />wished to highlight relevant things in <br />terms of working with the merchants to <br />proceed to create a downtown Special Im- <br />provement District and to issue a Sales <br />Z'ax Revenue Bond in the future, which would <br />take an ear-mark election. He addressed <br />Section II of the booklet provided to council- <br />members - Change In Assessed Value - Property <br />7'ax and stated that the City of Louisville's <br />~>ercentage of increase was well above the <br />State average, indicating a healthy tax <br />k~ase. He also stated that. the City had a <br />very low debt per capita. <br />7'he next chart shown was Growth in Retail <br />>ales Tax and these figures would be re- <br />viewed in issuing Sales Tax Revenue Bonds <br />as part of the downtown program. This <br />particular source of revenue has merit as <br />a source of capital financing. <br />The third chart shown related to Sales Tax <br />Rate Comparisons. Mr. Caldwell stated this <br />chart was possibly the most important one <br />