City Council Minutes 2021 07 27 - Laserfiche WebLink

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City Council Meeting Minutes July 27, 2021 Page 4 of 13 AND PROPERTY TAXES FOR THE PURPOSE OF CONSTRUCTING TRANSPORTATION IMPROVEMENTS, AND AUTHORIZING OTHER ACTIONS REGARDING THE CONDUCT OF SUCH ELECTION — 2ND READING, PUBLIC HEARING (advertised Daily Camera 7/18/21) Mayor Stolzmann introduced the item and asked for any disclosures; seeing none she opened the public hearing. Kim Crawford, ButlerSnow Bond Counsel, stated this ordinance is a culmination of the Council's many weeks of discussion of this issue. This ballot item is a TABOR issue that would ask the residents to vote on authorizing the City to issue debt in an amount not to exceed $51,420,000 with a maximum repayment cost of up to $90,240,000 and a property tax increase of up to $3,786,000 annually or by lesser amounts as necessary to pay the bonds back with a limited mill levy of not to exceed 5.40 mills. This bond issue would be for the purposes of transportation improvements, the details of which will be laid out in the following resolution of intent. Improvements would include items such as underpasses, trails, bike paths, and pedestrian walkways. Public Comments — None. Councilmember Lipton asked staff to describe how the staff would decide how much funding would be put towards debt repayment annually and how the County is informed each year of what the mill levy will be. Director Watson stated the process is for the Council to adopt the annual budget knowing how much it wants to pay towards the bonds. Included in the budget is how much to set aside to pay the debt service, staff would then calculate what remaining amount of property tax revenue is needed to pay the debt and then certifies the mill levy. In the first week of December staff notifies the County of what the mill levy is. Mayor Stolzmann noted the Council discussion on this has centered around how much internal funding the Council can put towards the debt payments without having to pay for it with a property tax increase. The Revitalization Commission (LRC) has committed some funding for the underpasses in the urban renewal district and Council has committed some funding from internal revenue sources to help pay back the bonds. Even with the debt service being paid by internal funds and LRC funds, the City's bond counsel has noted this ballot question is still required and in the ballot question the City must ask for approval of the highest debt level that might be needed. Public Comments Maxine Most asked the Council to consider prioritizing safe routes to schools with the transportation improvements.