Revitalization Commission Agenda and Packet 2020 09 09

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LL 1ty.�f LOUISVILLE REVITALIZATION Lou�sV1I I e, COMMISSION COLORADO -SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION — 2019 YEAR-END UPDATE & 2020- 2024 PROJECTIONS DATE: MAY 6, 2020 PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The LRC has routinely monitored its funding and spending through both its budget process and specific analysis on the TIF District that is part of the Urban Renewal Area (URA). The long-term projections were last updated in January 2019; the LRC 2020 budget was adopted on November 18, 2019. DISCUSSION: In March, staff suggested the list below as a series of actions the LRC could incorporate into a revised approach to reviewing its financial outlook. The LRC agreed with these concepts, and staff has now prepared new projections. • Continue to annually review long-term outlook based on organic growth in value and the actual Assessed Value. • Update projections with actual past costs and refined projected cost of incurred and committed expenditures, which for 2020 includes commitments for Undergrounding ($170,000) and Downtown Lights ($70,000). • If approved, update projections to include TIF revenue sharing with the Louisville Fire Protection District. • Future projections will be based on potential developments at the stage of permit rather than PUD to present a more accurate picture of increment likely to benefit the URA. • Where possible, staff will work with the long-term fund projections to match focus projects from the LRC Work Plan to capital projects that are part of the City's six - year Capital Improvement Plan. In the following pages, Director Watson provides a year-end update for 2019—informing the LRC of available funds for 2020. In addition, he has prepared projections looking forward from 2020 through 2024. Agenda Packet P. 15