Revitalization Commission Agenda and Packet 2024 07 17

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Revitalization Commission Minutes June 26, 2024 Page 5of8 Director of Public Works noted that it will cost about 10% of the entire project to design the plan, which would come out of the LRC reserve or city reserve without a bond to carry the cost forward for the next 12 months. He added that staff are currently reviewing CIP requests for the city and still dealing with the fire aftermath to determine priorities. Chair Adler asked about the timeline for City Council approval. The EV Manager commented that the hope is to get LRC approval today so it can be brought before council in July. Mayor Leh commented that the Commission is struggling on time and that he doesn't want to stand in the way of trying to get something done today. In terms of identifying projects, he asked if there should be an early July meeting or a special meeting in August to refine this or are we able to move forward today. He noted that it sounds like the LRC isn't ready to move forward today. The EV Manager commented that the LRC can refine the work plan and priorities at any time. She noted that the bond resolution wording speaks to capital improvement funding and that refining the work plan can be done simultaneously with the bonding process. Mayor Leh commented that he doesn't want to fall any farther behind. Commissioner Harald commented that he is struggling with the process and the content. He said he understands that the LRC needs to initiate the bond issuance process presumably this is pretty baked and approving it is a formality. He said it feels a little out of sequence and that the formality is getting the process moving and under the LRC's and Council's authority LRC initiates the process. He feels the resolution is overly detailed for a request to initiate the process. Commissioner Harald said it makes sense to go forward, noting that he is concerned with the $10M request because that is what the LRC can afford but he struggles with the math of the total cost of all three large projects currently on the table. He feels this confusion and differences of opinion on what it will take to complete the projects is why this is taking so long. The Director of Public Works commented that project costs will likely increase as construction documents are developed. The LRC will review and approve certain aspects of the projects they wish to support and can afford. The EV Manager commented that she has run the bond scenarios, noting that bonding anything over $10M turns LRC into a debt service and other programs won't be able to continue such as Facade Improvement, etc. It was noted that a $10M bond allows programming to continue and provides funding for proposed capital projects. There was a discussion around debt service, revenues, and future programming. Commissioner Lipton commented that he understands staff wants to move as fast as possible. He asked who the bond counsel and financial advisor firm is. The EV Manager noted that both the City's bond counsel and financial advising firm have been involved in the bonding resolution process presented today. She reiterated that today's resolution doesn't commit the LRC to spending, it is to allow staff to start the process to dial in interest rates, the true cost of the money, reserves needed, etc. This information will be brought back to LRC for final approval to bond. City Attorney Hoffman commented that working with bond counsel and financial advisors is included in section 1 of the resolution. Chair Adler suggested the LRC review the resolution and provide comments to staff.