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`! Cityo <br />amLoui ville <br />COLORAI)O SINCE 1878 <br />City Council <br />Meeting Minutes <br />October 8, 2019 <br />Library Meeting Room <br />951 Spruce Street <br />700PM <br />Call to Order — Mayor Muckle called the meeting to order at 7 00 p m The following <br />members were present: <br />City Council Mayor Robert Muckle <br />Mayor Pro Tem Jeff Lipton <br />Councilmember Chris Leh <br />Councilmember Susan Loo <br />Councilmember Dennis Maloney <br />Councilmember Ashley Stolzmann <br />Absent: Councilmember Jay Keany <br />Staff Present: Heather Balser, City Manager <br />Megan Davis, Deputy City Manager <br />Kevin Watson, Finance Director <br />Meredyth Muth, City Clerk <br />PRELIMINARY DISCUSSION ON 2020 BUDGET FOR URBAN REVITALIZATION <br />DISTRICT AND REVIEW OF CALCULATION FOR REVENUE PLEDGED TO DEBT <br />SERVICE <br />Director Watson reviewed the proposed 2020 budget for the Urban Revitalization District. <br />This will be reviewed and approved by the Revitalization Commission (LRC) prior to <br />coming to Council for approval He reviewed the assessed valuation, interest earnings, <br />expenses, contributions to the City, Boulder County, and the Fire District; as well as fees <br />He noted the principal payments on the bonds and planned payment increases <br />Director Watson reviewed how Tax Increment Financing payments are calculated and <br />how bond payments are affected by the increasing appraisals. He noted the base value of <br />the district and the base area are calculated differently requiring some adjustments to the <br />calculations He reviewed the calculation of the outstanding bond principal with a 7% <br />interest rate The bonds were used to pay for infrastructure improvements in the urban <br />renewal district. <br />City of Louisville <br />City Council 749 Main Street Louisville CO 80027 <br />303.335.4536 (phone) 303.335.4550 (fax) www LouisvilleCO gov <br />