City Council Study Session Summary 2002 08 13

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Julie explained that Sam’s recommendation is to approve an emergency ordinance at the next meeting. She stated that this option would still allow time for the ballot title to be challenged prior to the September deadline. Council directed Julie to consult with Sam to determine whether or not Council would be able to reconsider the ordinance at the August 20, 2002 City Council meeting. Discussion/Direction – Urban Renewal Authority Heather Balser stated that the City is anticipating using an Urban Renewal Authority (URA) and TIP (Transportation Improvement Plan) financing for Highway 42 revitalization. The City’s current URA is in conjunction with the Louisville Housing Authority; however, the two should be separate. Council reviewed a draft letter to be mailed to Louisville Housing Authority members, asking them to resign their URA commissions but continue their appointments on the Louisville Housing Authority. There was discussion regarding the powers of an URA, including concerns that a non- elected board would have authority to condemn land. Council asked for additional information on how to remove members, and whether or not TABOR would prevent City Council members from serving on an URA due to the URA’s ability to issue bonds without voter approval. Discussion/Direction – Proposed Refinancing of City’s 1992 General Obligation Bonds (Golf Course) Charlene Laus, Finance Director, explained that it is possible to refinance the City’s 1992 Series General Obligation Bonds, which were used to provide construction funding for the Coal Creek Golf Course. The bonds were originally issued at 3.7%-6.7% interest and interest rates have decreased significantly over the last year. The current rates are expected to be 1.6%-3.1%, for a projected cumulative savings of $140,694.17 over the remaining five years of issue. Council directed staff to proceed with the refunding of the Series 1992 General Obligation Bonds, possibly completing the refunding prior to the November payment date. Discussion/Direction – Capital Improvement Projects Council reviewed schedules of the projected Capital Projects Fund for 2003 through 2007. Bill Simmons explained that there were two different scenarios for Council’s consideration: Scenario (1) not assumes that the 3/8% Open Space Tax is extended by the voters in November, and that several parks, open space, and trails improvements are paid out of the Capital Projects Fund. Scenario (2) is assumes that the Open Space Tax extended by the voters in November, and that several parks, open space, and trails improvement projects can be moved and paid out of the Conservation Trust – Land Acquisition Fund beginning in 2004. He continued by explaining that staff has prioritized the projects as either (1) or (2), with Priority (1) projects as the projects most needed to meet the basic needs of the City and to maintain the current level of service and quality and are the only projects included in the financial projections. Mayor Davidson pointed out that several major renovations will need to be included if the bond issue is not passed by the voters in November. He identified the Recreation Center slide tower and running 2