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Economic e5~ <br />Planning Systems <br />Puhlic Fiwuncr <br />Reul 1;stu/e ![rononria <br />Regional Eronomirs <br />1. rend (%sc Pnliry~ <br />MEMORANDUM <br />To: Louisville Revitalization Commission & City Staff - City of Louisville <br />From: Andy ICnudtsen & Michael Gaughan -Economic & Planning Systems <br />Subject: Change in EPS Bond Capacity Projections <br />Date: December 10, 2008 <br />SUMMARY OF ISSUE <br />EPS submitted a draft of thE~ Highway 42 Market Study, Public Finance, and Implementation <br />Strategy report on NovembE~r 11th, 2008. Included in the report was a projection of future <br />bond revenue available to t11e City for public infrastructure uses. After a period of <br />review by the Louisville Revitalization Commission (LRC) and the general public, an <br />error was discovered in the amount of revenue projected to be available for Tax <br />Increment Finance (TIF) bonds. <br />Specifically, the error related to the property tax revenue streams shown in Table 11 of <br />the model. The table displays the stream of TIF eligible property tax revenue from the <br />URA in the row titled "Prol~ert:y Tax Revenue." Within the model, the property tax <br />revenue projection is modified by the subsequent row entitled "County Payments." <br />'These payments reflect the :intergovernmental agreement with Boulder County that <br />directs 14.3 percent of the county mill rate back to the County. The net result is the <br />correct amount of revenue ~ivailable to be bonded and is shown in the row entitled "Net <br />Property Tax Available for 'TIF." <br />The error occurred as result. of an incorrect link between the reduced property tax <br />revenue and Table 15, which displays all URA increment available for TIF bonds. <br />Incorrectly, the row titled ":Property Tax" on Table 151inked to "Property Tax Revenue" <br />instead of "Net Property Tax Available for TIF" from Table 11. The mistake resulted in <br />the inclusion of $6,150,000 in property tax actually dedicated to the County. <br />D E N V E K ! E R K E l E Y S A C K A M E N T O <br />:30ti~~scntrenti,>,rra•,."^witrt.3o ph„sx•, itr; t•,_+.i±:; hhunr. ur-R~lI 9i9t1 plxme: ~~th•f,~riRO111 <br />Uem~a~r,fY1 a6.'U2 Sill iar~ a„3_t,+i_4d3JY Sat- Ali)-K;I-4~(iR ta~~ 9t1a~679. _'U%0 <br />a~ww.rpsi,..nai <br />