Revitalization Commission Agenda and Packet 2024 07 17

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Revitalization Commission Minutes June 26, 2024 Page 6of8 City Attorney Hoffman commented that the LRC has discussed two sources of revenue, the revenue pledged for bonds and the continuing programs. He reminded the Commission that there is a third source of potential revenue from TIF generated by any potential redevelopment projects. Chair Adler read comments written by Commissioner Williams because she was unable to attend the meeting. Commissioner Williams supports bonding at the proposed amount of $10M with a slight change to the wording around infrastructure projects to be less specific to underpasses, perhaps reading something like [from section 1] "...capital projects to implement the urban renewal plan which may include infrastructure projects such as underpasses and other capital programs within the Urban Renewal Plan Area to remediate and prevent blight." Commissioner Williams would prefer no specific reference to underpasses as it seems limiting but will default to the majority on this point. Commissioner Lipton asked if the LRC could approve the resolution with changes. It was noted that the LRC can approve the resolution with suggested changes. Chair Adler stated that she agrees with Commissioner Williams' language to say "may include" to make it optional instead of specific. Commissioner Tofte asked why we wouldn't leave them all optional instead of being specific. He suggested changing "to include" to say, "may include" for all the options. Commissioner Harald commented that he prefers being even more vague about capital investments to provide blight remediation rather than including any specific projects. He doesn't agree with the $10M amount but will support it. Commissioner Harald agrees with Commissioner Williams' suggested changes. Chair Adler asked if the council might have follow-up questions on what it means if the language is left vague. The EV Manager noted that it can be left as "capital improvements" and staff will provide council background information on what the focus of the LRC has been. City Attorney Hoffman commented that this resolution initiates the bonding process, and that specificity will be needed to qualify for tax-exempt status when the bonds are issued. Mayor Leh commented that he doesn't feel the council will have a problem with the resolution being less specific and he agrees with Commissioner Williams' language change suggestion. Commissioner Harald supports the language change to "may include" Commissioner Tofte is fine with the using the word "may". Commissioner Lipton suggested that the wording in section 1 "to include capital projects to implement the Urban Renewal Plan." The City Attorney agreed that the suggested edits will work. Commissioner Lipton made a motion to approve the bonding resolution with the change of language in the third line of section 1 to be "...principal amount of up to $10M secured by future