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SUBJECT: <br />2019 LRC BUDGET APPROVAL <br />DATE: <br />NOVEMBER 13, 2018 <br />PAGE2OF2 <br />• Administration - $60,000 — LRC to compensate the City for staff services to <br />conduct LRC business. This is an increase from previous years as staff expects <br />additional resources will be needed to do LRC work. <br />• Core Area Bond Payment — $344,374 + $153,391 - Formula payment of <br />incremental taxes paid in the Core Area to pay the TIF bonds. The TIF Bonds <br />may be prepaid or refinanced after October 23, 2021. <br />• Bond Maintenance Fees - $7,150 — Payment to US Bank for managing the <br />Core Area TIF bonds. <br />• Utility Line Undergrounding - $170,000 — LRC directed staff at the August 13, <br />2018 meeting to budget for the City's Griffith St. portion of the project. <br />• Downtown Ornamental Light Replacement - $70,000 — LRC directed staff at <br />the August 13, 2018 meeting to budget for the City's portion of the project. Cost <br />estimates have increased since August with the 2019 amount budgeted at <br />$70,000 (vs. $60,000 originally), and increases to the three following budget <br />years. <br />Total Estimated Committed Costs = $1,868,722 <br />The City Council approved the attached budget at their November 5, 2018 meeting. <br />RECOMMENDATION: <br />Staff is recommending approval of the attached resolution approving the 2019 LRC <br />budget as attached. <br />ATTACHMENTS: <br />1) Resolution approving the 2019 LRC Budget <br />2) 2019 LRC Budget <br />