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Revitalization Commission <br />Minutes <br />March 20, 2024 <br />Page 8 of 9 <br />Commissioner Comments: <br />Chair Adler asked what feedback is being requested today and what information will be <br />presented at the April meeting related to this topic. <br />Commissioner Harald commented that there have been allusions to a timeline for unknown <br />projects and he asked for information on where the urgency is coming from. The Director of <br />Community Development commented that the underpass project is coming up and the Planning <br />Department has been working on this project due to the receipt of $3M from DRCOG. Staff need <br />to know if this project should continue. It was noted that, if construction is hoped to begin on the <br />Downtown Vision Plan this year, getting the bond options set up now will be important to ensure <br />the ability to meet project deadlines. The Economic Vitality Manager commented that staff are <br />also sensitive that there are 8 years left for the URA, which is not very long in the sense of <br />urban renewal. <br />Commissioner Lipton commented that, in terms of vision plan, he can see it taking 6-9 months <br />to commit funding after community input and then an additional 6-8 months for design. He <br />expressed concerns about interest rates and borrowing at the top of the interest rate curve. <br />The Economic Vitality Manager commented that the LRC has old debt at 7% interest. She noted <br />that the presented assumptions were made at 5% with the understanding that the LRC could <br />use the funding when needed, similar to a line of credit. It was noted that interest would start <br />accruing interest when the funding is pulled from the account. The Director of Community <br />Development commented that this is how to have cash in the bank to make quick decisions for <br />funding big projects. <br />Commissioner Lipton asked if the LRC could view the debt model. The Economic Vitality <br />Manager responded that this can be provided and indicated that some of this was done in the <br />scenarios included in the packet. <br />City Attorney Kathleen Kelly suggested that the LRC have a broad discussion on URA 101 at <br />the next meeting to discuss how the LRC can use the mechanisms available, including <br />challenges that exist as you near the end of the TIF period, and what the time sensitive issues <br />are. <br />Commissioner Harald commented that the underpass project is the elephant in the room and <br />the LRC needs to decide whether to fund it. <br />Commissioner Lipton noted that it's difficult to decide on the underpass without seeing the <br />broader list of possible project to choose from. <br />The Director of Community Development commented that staff will bring a better picture at the <br />next meeting. The Director of Public Works commented that the LRC will receive more <br />information on financing at the next meeting. He noted that staff are working on a report to <br />answer some of the financial questions so LRC can make data -driven decisions. <br />Commissioner Harald expressed concern about the tension between urgency of the underpass <br />project and the other big projects coming up. The Director of Public Works responded that the <br />