Revitalization Commission Agenda and Packet 2017 10 09

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City„ Louisville COLORADO • SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: DATE: DRAFT 2018 LRC BUDGET DISCUSSION OCTOBER 9, 2017 PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT SUMMARY: Staff has prepared the attached draft 2018 LRC budget for discussion. The budget utilizes the preliminary assessed valuations from Boulder County and estimates for existing and new expenditure line items. BACKGROUND: As stipulated in State Urban Renewal law, Urban Renewal Authorities must approve a budget for each fiscal year. When the Highway 42 Urban Renewal District was created, The LRC entered into an Inter -Governmental Agreement with the City of Louisville stipulating any budget must also be approved by the City Council. Tax Increment Financing revenue is created through the increase of property values from new construction with the Highway 42 Urban Renewal District. The revenues are to be used to address blighting factors within the District. Projects funded with TIF must have a nexus in addressing blighting factors within the District. DISCUSSION: The attached draft budget shows the approved 2017 budget including all amendments, a column of estimated actual expenditures thru 2017, and then a draft 2018 budget with assumed carryforward funding for projects. The 2017 estimated actuals begins with the starting fund balance for 2017, adds actual revenue received, and Revenue For 2018, the Boulder County Assessor has the preliminary assessment increment for the Urban Renewal Area at $15,809,389 which translates to available TIF revenue of $1,406,719. Notable budget line items are as follows: Support Services $34,900 for City Staff and Legal services provided during the year. This is the current estimate within the City's revenue budget. South Street Gateway contribution LOUISVILLE REVITALIZATION COMMISSION 6