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<br /> <br /> <br /> <br /> <br /> <br /> <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br /> <br />SUBJECT: TIF FUNDING PROJECTIONS <br /> <br />DATE: MARCH 11, 2020 <br /> <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br /> <br />SUMMARY: <br />The LRC has routinely monitored its funding and spending through both its budget <br />process and specific analysis on the TIF District that is part of the Urban Renewal Area. <br />The long-term projections (through the end of the TIF) were last updated in January <br />2019 (Attachment #1). The LRC 2020 budget was adopted on November 18, 2019 <br />(Attachment #2). <br /> <br />In reviewing the past long-term projections, staff recommends the LRC review and <br />consider changes to this format, which are described below. <br />• Continue to annually review long-term outlook based on organic growth in value <br />and the actual Assessed Value. <br />• Staff is updating the actual past cost and refined projected cost of incurred and <br />committed expenditures. Staff also recommends the LRC carry forward the <br />commitments for Undergrounding ($170,000) and Downtown Lights ($70,000) <br />from its 2019 budget (see Attachment #2) <br />• If approved, the payment to the Louisville Fire District should be included in <br />analysis, like the projected payments under the Tri-Party Agreement. <br />• If desired for discussion, staff can prepare an analysis of the option to pay off the <br />Core Area Bonds early. The Finance Director will continue to review and process <br />the principal and interest payments for the Core Area Bonds. <br />• Consider whether future projections should include potential developments at the <br />stage of PUD vs. permit. As is evident in the 2019 analysis, staff had previously <br />included several projects at the PUD stage that now have no secure timeline <br />(Coal Creek Station and North End Commercial). If we wait until the permit stage <br />to include these in the analysis, it will be a more accurate picture of increment <br />likely to benefit the URA. <br />• Staff will work with the long-term fund projections to match focus projects from <br />the LRC Work Plan to capital projects that are part of the City’s six-year Capital <br />Improvement Plan. <br /> <br />RECOMMENDATION: <br />Discuss TIF funding projections and options for future analysis. <br /> <br />ATTACHMENTS: <br />• Attachment #1: January 31, 2019 TIF District Analysis <br />• Attachment #2: 2020 Budget <br /> <br />Agenda Packet P. 7