Revitalization Commission Agenda and Packet 2024 07 17

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Revitalization Commission Minutes June 26, 2024 Page 3of8 Commissioner Lipton commented that since we are getting to where we want to prioritize funding and looking at potential bonding and cash flow, he would like to focus on the high priority items in the work plan to see if the LRC wants to do them all and how much it might cost. He requested a cash flow analysis. The EV Manager commented that there are quite a few programmatic items on the list that don't have funding attached. She will separate these items out and indicate which items have funding assigned. The Director of Community Development commented that there are three items that keep coming up for funding, and asked the LRC to let staff know if these are still the items the LRC is interested in funding. He noted that the current cash flow information provided includes the Downtown Streetscape and South Street Underpass projects but not property acquisitions. He asked the LRC if they wanted to bring project information listed and categorized for future discussions. Commissioner Lipton asked for a separate list of programmatic items that need funding. Chair Adler commented on the background of a few specific items in the work plan to provide context on things that have already been accomplished. The EV Manager summarized Commissioner comments, noting that there seems to be an interest in reviewing the work plan in depth including information identifying programmatic items and items that have been assigned funding. Commissioner Harald commented that there are a lot of TBD items on the plan, and he doesn't think it's helpful to include them. He also commented that as the high -cost projects are discussed he is uncertain how much capacity LRC has to fund additional projects. He would like to focus on items with a timeframe and priority with funding identified. Commissioner Lipton asked to see a use of funds pro forma through 2031/2032 with an ending balance by year. Commissioner Tofte agreed that the LRC should focus on fewer items and get financial data on those items to help LRC focus their efforts. The EV Manager will bring this back to the LRC to be reviewed at the August meeting. She noted that there are several resolutions that will be presented for approval in the July meeting. Commissioner Lipton asked to get exposure to information on projects in July but not with a request for decisions. He commented that he doesn't know why LRC is being pushed to make decisions in this timeline. The EV Manager noted that any possible TIF increases are not factored into current estimates. Public Comments: None. Bond Issuance Vote The Economic Vitality Manager presented the Bond Issuance proposal for a vote of the Commission. She provided the LRC with information on current programming, bonding, bonding fiscal impact, the bonding process and timeline, as well as the time sensitive approval needed