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City,/ <br />Om Louisville <br />COLORADO • SINCE 1878 <br />City Council <br />Meeting Minutes <br />October 8, 2019 <br />Library Meeting Room <br />951 Spruce Street <br />7:00 PM <br />CaII 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 />17 <br />