City Council Minutes 2021 07 27 - Laserfiche WebLink

Home Browse Search

City Council Meeting Minutes July 27, 2021 Page 5 of 13 MOTION: Councilmember Fahey moved to approve Ordinance 1810; second by Councilmember Brown. Mayor Pro Tern Maloney noted that the TABOR rules require the City ask for approval for a large amount of money but the Council is committed to paying for much of the debt from existing funds. MOTION: Councilmember Lipton moved to reconsider the approval of the agenda; seconded by Councilmember Dickinson. VOTE: Motion passed 6 -1 by roll call vote; Councilmember Brown voting no. MOTION: Councilmember Lipton moved that Resolution 53 be discussed prior to Ordinance No. 1810 on the agenda; Councilmember Dickinson seconded the motion. VOTE: All in favor. Mayor Stolzmann continued the public hearing on Ordinance No. 1810 to after the discussion of Resolution No. 53. RESOLUTION NO. 53, SERIES 2021 —A RESOLUTION OF INTENT REGARDING PUBLIC TRANSPORTATION IMPROVEMENTS TO BE SUBMITTED TO THE VOTERS OF THE CITY AT AN ELECTION TO BE HELD NOVEMBER 2, 2021 City Manager Balser stated City Council has an interest in building certain transportation improvements in the City at a cost not to exceed $51,420,000. This necessitates approval to incur debt and increase the City's property tax mill levy for the payment of such debt. Thus the City Council is considering referring a TABOR ballot issue to the vote of the registered electors of the City at the November 2, 2021 municipal election. Although the ballot question would allow the city to impose a limited mill levy up to 5.450 mills annually in order to generate not more than $3,786,000 in property tax revenue annually to pay for debt, it is the intention and expectation of the City that a significant portion of the annual repayment amounts will be covered by a City contribution. The resolution lays out the intent of the Council on how the bonds will be repaid. In order to minimize the amount of property tax mill levy to be imposed on the taxpayers, the City Council affirms its current intent to utilize approximately $1,500,000 million of available sales and use tax revenue which may increase based upon annual budget appropriations to contribute to the repayment amount of any debt issued for construction. Such amounts are subject to annual appropriation by the Council. In order to minimize the amount of property tax mill levy to be imposed on the taxpayers of the City, the Council affirms its current intent to utilize funds received from the Louisville Revitalization Commission (LRC), expected to be between $1,250,000 to $3,000,000 annually until 2032.