Revitalization Commission Agenda and Packet 2024 07 17

Home Browse Search

Revitalization Commission Minutes June 26, 2024 Page 4 of 8 due to project deadlines. She also provided information on the Downtown Vision Plan background, and timeline, as well as the current anticipated cost and construction timeline. Information was also provided for the South Street underpass project, and it was noted that there will be some projects the LRC won't be able to fund. Commissioner Comments: Commissioner Lipton responded to the presentation by commenting on what he sees as the normal process to creating a program plan, identifying costs, determining the best way to finance, and then going to a financial advisor to shape that. He commented that he feels like this is out of sequence because the LRC hasn't approved the program yet. He feels the Streetscape and underpass projects seem to be going through their process and they should be filed before getting into the financing process. The EV Manager commented that the proposed projects are as finalized as they can be before construction documents are needed. She noted that the planning process and cost estimates have been completed. The LRC will need to commit funding for construction documents before the project can continue. Commissioner Lipton commented that he hasn't seen results on the open house for the Downtown Vision Plan. He said he feels the plan needs to be reviewed first before making a commitment. City Attorney Hoffman commented that the LRC's plan is the 2006 plan adopted by the City Council, and it is ultimately the role of the LRC to implement this plan. He noted that one of the core duties is to construct public infrastructure. He noted that what the EV Manager is asking for is to be able to move forward on issuing bonds for capital infrastructure. The LRC can have a menu of infrastructure projects. The authority being requested is to leverage dollars to eliminate blight. LRC will still need to approve expenditures on whatever components of projects they wish to fund. With the time left, the LRC is struggling to have enough revenue over the next 7 years to issue debt because the LRC is at the very end of the revenue source. The Director of Public Works commented that it appears that there is a desire for the LRC to do something big that has an impact on the community. He noted that it will take 3-6 months to get through the bonding process and the city loses 5-10% purchasing power every year. He provided a probable timeline based on the amount of time it takes for bonding approval, when funding for design would be available and the amount of time that takes to get a solid list of improvement options. He also noted that all projects will need to work around event seasons, which will affect when construction can be begun. He noted that staff can take as much time as the LRC desires, but the city loses funding opportunities the longer it takes the LRC to reach a decision. The EV Manager commented that the LRC will need to approve final bond issuance as well as every expenditure that comes forward. She made it clear that the request before the LRC today is to authorize her to get the bonding process started. The Director of Public Works added that the plan has a lot of room for improvement, noting that staff has followed a city public process although there hasn't been an LRC working session yet, an LRC working session won't change the need to bond. Chair Adler commented that cash is needed from the bond, and it appears that issuing of the bond will take 6 months before the funding is available to fund the Streetscape Plan. The