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SUBJECT: APPROVAL OF 2021 BUDGET <br />DATE: DECEMBER 9, 2020 PAGE 4 OF 4 <br />structure of the rebate agreement, which is based upon the increased property tax <br />revenue that would be generated by the redevelopment of the properties. It is a <br />commitment to rebate future revenues not currently being received by the LRC. Therefore <br />the adopted agreement does not commit existing TIF revenue and has no current year <br />fiscal impact. The LRC budget will not incorporate the rebate commitment until the <br />redevelopment is complete and starts generating the incremental property tax revenue. <br />The total payments for this TIF Rebate Agreement are capped at $1,100,000, and the <br />agreement becomes void if the developer has not completed the project improvements <br />by February 18, 2023. <br />Ending Fund Balance <br />Considering the items above, the preliminary budget calculates a 2021 ending fund <br />balance of $2,001,608. <br />RECOMMENDATION: <br />Staff recommends approval of the 2021 budget by adopting Resolution 20-05. <br />ATTACHMENTS: <br />• Attachment #1: Resolution 20-05 —Adopting the Annual Budget and Appropriating <br />Expenditures for Fiscal Year 2021 for the Louisville Revitalization Commission <br />Agenda Packet P. 8 <br />