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Revitalization Commission Agenda and Packet 2024 08 06
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Revitalization Commission Agenda and Packet 2024 08 06
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City Council Records
Meeting Date
8/6/2024
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Boards Commissions Committees Records
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SUBJECT: BONDING BUDGET AND ALLOCATION OF FUNDS <br />DATE: AUGUST 6, 2024 <br />PAGE2OF9 <br />reduce, eliminate, and prevent the spread of blight. As a historic downtown, there are <br />buildings and infrastructure that was constructed across many decades. Currently, there <br />are some large vacancies within the downtown area that the Commission, businesses <br />and community would like to see filled with active and exciting uses. In addition, as a <br />historic downtown, there is aging infrastructure throughout the area that could benefit from <br />renewed investment for revitalization and blight -mitigation. <br />Staff originally explored bonding at three intervals, to allow opportunities to participate in <br />large scale capital projects and continue with current programming. Below is a <br />generalized summary of the bond service and payback schedule. These bonding <br />scenarios used an estimated annual revenue of $2 million/ year as the baseline for the <br />projections. <br />Bond Total Aggregate Yearly Estimated <br />Amount Repayment Debt Payback Average <br />Service * Amount Remaining <br />Yearly <br />Revenue** <br />$3 Million $4,016,854 $7,181,017 $703,500 - $1,000,000 <br />$945,250 <br />$7 Million $9,086,938 $12,251,100 $1,400,000 $500,000 <br />(approx.) <br />$10 $12,843,688 $16,007,850 $1,900,000 $74,000 <br />Million (approx.) <br />*- Note: Aggregate debt includes existing LRC debt, estimated payoff date in 2027. <br />**- Note: Estimated average remaining revenue available less on -going programming, including COL <br />Support Services, TIF Refunds, Fagade Improvement Program and Property Improvement Program. <br />In June 2024, the LRC passed a resolution directing staff to move forward with the <br />bonding process to bond $10 million for capital projects within the Highway 42 <br />Revitalization Area. This bonding process does not preclude the LRC from continuing <br />their operations or impact the ability to enter into TIF agreements with qualifying projects <br />within the urban renewal area. <br />Attachment #1 to this staff report is a copy of the 2024 LRC adopted budget including the <br />expenses. While these expenses are budgeted, please note that not all of these line items <br />are spent down in totality every year. <br />COMMISSION COMMUNICATION <br />Agenda Packet P. 3 <br />
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