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Revitalization Commission <br />Minutes <br />March 11, 2020 <br />Page2of5 <br />None <br />Business Matters of Commission <br />• Discussion - TIF Funding Projections <br />Staff prepared a brief memo and asked for feedback before revising projections. <br />Previous projections included developments that are now not likely to occur — <br />moving forward, staff will make projections on projects that have more certainty <br />when they obtain building permits. Council member Lipton suggests the <br />Commissions needs an updated spreadsheet; we are looking at spending <br />money. Staff noted PUD approvals last three years and building permits last six <br />months, unless building construction commences and then it does not expire. <br />The Commission discussed how removing previously projected projects will <br />change the available funds for investment and that going forward, projections <br />would be more conservative. <br />Economic Vitality Director Pierce said that prior financial commitments made by <br />the LRC will be incorporated into the spreadsheet. The LRC can then start to <br />align with CIP or TMP projects based on available funding. <br />A question was asked about paying of bonds early, which are funded by core <br />area revenues. If you want to pay off early, you'd use revenue generated <br />outside core area. Finance Director Watson will check with bond counsel to <br />see if that is possible from a URA fiduciary responsibility. The Commission felt <br />additional analysis and discussion about the bonds is required. Bonds grew to <br />$5m, paid down over $200k in 2019. Vice Chair Adler also requested that staff <br />present an updated fund balance with the revised projections. <br />• Discussion/Direction Public Infrastructure Assistance Agreement with 824 <br />South, Inc. <br />Staff reported the LRC provided previous support for project. An agreement <br />has been prepared, though it is a slightly different structure than past <br />assistance. Alfalfa's rebates for assistance were done over a period of years. <br />This project will be paid when work is done and approved. Applicant will <br />perform work and have it warrantied; the LRC will also provide the financial <br />guarantee. <br />There is a timeline for completion so this project will be included in LRC <br />financials. These are expenditures LRC can count on. Projected tax revenues <br />included in packet. <br />With the Applicant, the Commission discussed the inclusion of conduit for <br />potential future charging stations. In addition, they reviewed prior comments on <br />Agenda Packet P. 3 <br />