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Revitalization Commission <br />Minutes <br />May 6, 2020 <br />Page 2 of 6 <br />Commissioner Gorsevski is happy with work on Pine Street. He mentioned that there <br />are now electric battery fire trucks. <br />Business Matters of Commission <br />• Discussion/Direction — 2019 Year -End Update and 2020-2024 Projections <br />Finance Director Kevin Watson said that although the audit is not complete, he <br />is fairly certain the amounts presented in the packet are correct and that the <br />materials are a starting point for a long-term financial plan. He reviewed <br />financial projections in packet and ending fund balance. 2020 is an estimate <br />balance. Watson suggested the LRC may want to amend its 2020 budget to <br />include downtown lights project and the 2020 estimates. Director Watson <br />reviewed assumptions in assessed valuations. The financial projections <br />presented do not include any capital contributions to the City, developer TIF <br />rebates or developer assistance agreements after fiscal year 2020. Watson only <br />included expenditures that have been committed to by the district or likely to be <br />expended. <br />The LRC previously discussed being a bit more conservative with estimates <br />than in past. Director Watson used only projects where a permit has been <br />issued, not those that only have a PUD approval. <br />$206,000 was paid in principal in 2019. Director Watson is working with <br />auditors about how best to show that. Nothing is overstated on the prepared <br />financials Director Watson has presented. He has presented financials how <br />they will most likely be presented in comprehensive financial report. If paying off <br />bonds early, the LRC would have to use funds outside the core area. LRC <br />would need bond holder agreement to do that. Bond holder is most likely happy <br />to have a 7% tax exempt investment and are unlikely to agree to pay down <br />bonds early. <br />Commissioners asked to clarify the assumptions included for revenue sharing <br />with the Louisville Fire Protection District. Director Watson indicated the <br />projections include 100% of the new mill levy and 25% of the prior mill levy. <br />Director Watson stated he is required to go parcel by parcel to calculate core <br />area valuation and that this has been done. <br />• Discussion/Direction/Action LRC 2020 Work Plan and Consideration of <br />Business Impacts from COVID-19 <br />Agenda Packet P. 3 <br />