City Council Agenda and Packet 2009 09 15

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are determined and consider the LRC's proposed 2010 budget through the overall 2010 City budget approval process along with updated procedures for documenting the costs and expenses of the LRC as provided for in the Cooperation Agreement. Mayor Sisk requested public comments. There were no public comments. COUNCIL COMMENTS City Council Meeting Minutes September 1, 2009 Page 5 of 11 Councilor Muckle asked if there is an accounting mechanism to charge Staff time to the LRC budget and whether the LRC would be Tess active in 2010 and require fewer consultants. He asked about the impact of delaying the bonds. City Manager Fleming stated there is a 25 -year time limit for the LRC Bonds, which began in 2007. The tax increment within the urban renewal area would payback the bonds for infrastructure and redevelopment. He explained the LRC felt the timeline for transit station and related development are key items for the urban renewal area and there should be more certainty before deciding on what infrastructure is most desirable. Mayor Sisk felt the LRC will be busier in 2010 because there are more factors involved. He applauded the LRC for reducing their budget and agreed there should be accounting between the Council and the LRC on project development. Councilor Muckle asked if the consultant indicated the implications of delaying the project with respect to bonds. Finance Director Watson confirmed the consultant advised the LRC what would be lost in bonding capability for each year the project is delayed. It also is a function of the tax increment. Councilor Muckle asked if the Charter requires Inter -fund loans be approved by ordinance. City Attorney Light stated the Charter has a requirement for Inter fund loans to be authorized by ordinance. He noted at least one loan was authorized by resolution. Staff will follow -up on loan repayment. Mayor Sisk noted with respect to the bonding issue, the current economic climate is not favorable for advertising and selling bonds. MOTION: Mayor Sisk moved to defer action on the LRC budget until the October 20, 2009 City Council meeting, seconded by Councilor Clabots. All in favor. RESOLUTION No. 29, SERIES 2009 A RESOLUTION AMENDING THE 2009 BUDGET BY REDUCING APPROPRIATIONS IN THE GENERAL FUND AND THE CONSERVATION TRUST LAND ACQUISITION FUND AND BY INCREASING APPROPRIATIONS IN THE HISTORICAL PRESERVATION FUND, CAPITAL PROJECTS FUND, WATER UTILITY FUND, WASTEWATER UTILITY FUND, AND STORM WATER UTILITY FUND AND BY ADJUSTING 29