City Council Agenda and Packet 2023 11 06

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SUBJECT: RESOLUTION NO. 65, SERIES 2023 DATE: NOVEMBER 6, 2023 PAGE 2 OF 4 County's collection fee, results in an estimated property tax revenue of $2,224,000 for 2023. Interest Earnings are currently proposed at $30,000 for 2024. This amount will be adjusted up or down depending on the final amount, and timing, of budgeted expenditures. Old Town Skate has been added as a new revenue item for 2024. It's anticipated that operation of Old Town Skate will bring in an estimated $199,000 in annual revenue. This number was determined by taking the average revenues from the 2021/2022 and 2022/2023 seasons. Expenditures Staffing support includes funding for a potential dedicated staff person for the LRC. This position would provide services to the LR above what is currently captured under Support Services. A dedicated staff person was one of Downtown Colorado, Inc.'s recommendations to the LRC following their visioning and strategy process. The 2024 budget includes $75,000. Support Services are payments to the City of Louisville for services such as accounting, budget, revenue collection, disbursements, debt administration, and general administration. This also includes the LRC's fees for legal services. Based on staff and legal estimated hours, the 2024 budget is $50,000. Staff will continue to monitor actual hours contributed to the LRC in 2024 to ensure this number is accurate. Under the Tri-Party Agreement of 2006, the URD is required to remit 7.15% of net property tax revenue back to Boulder County. The LRC is obligated to pay the County 7.15% of annual TIF revenues for a not -to -exceed total of $3,075,000. The proposed budget for 2024 is $192,330. The LRC and City Council executed an agreement for revenue sharing with the Louisville Fire Protection District in 2020; the first payment under this agreement was made in budget year 2021. Per the agreement terms, the proposed budget for 2024 is: $63,050. Bond Maintenance Fees are charged by the Paying Agent for the 2014 Property Tax Increment Revenue Bonds (2024, $7,150). Investment Fees include fees charged by US Bank to maintain the DELO Construction Account and fees charged by the City of Louisville's Investment Advisor for funds on deposit at the City (2024, $5,000). The Professional Services proposed 2024 budget includes $20,000 for up to two third - party reviews required of proposed direct financial assistance agreements. The 2014 Property Tax Increment Revenue Bonds are accretion and cash flow bonds issued in the amount of $4.5 million. Under this bond structure, the URD calculates an annual amount of "pledged revenue" and deposits it with the Paying Agent. The pledged CITY COUNCIL COMMUNICATION 25