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SUBJECT: BONDING BUDGET AND ALLOCATION OF FUNDS <br />DATE: AUGUST 6, 2024 <br />• Adjust parking ratios to reflect future densities <br />• Encourage shared parking among projects in area <br />PAGE8OF9 <br />In addition, the South Street Underpass has a direct impact on the following blight factors: <br />b) Predominance of defective or inadequate street layout <br />c) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness <br />d) Unsanitary or unsafe conditions <br />e) Deterioration of site or other improvements <br />f) Unusual topography or inadequate public improvements or utilities <br />k.5) The existence of health, safety, or welfare factors requiring high levels of <br />municipal services or substantial physical underutilization or vacancy of sites, <br />buildings, or other improvements <br />Both projects would be coordinated and supported by City Staff, with Public Works taking <br />the lead and bidding/overseeing the projects like they do for City -led CIP projects. <br />Economic Vitality, Finance and Community Development will work closely with Public <br />Works, consultant teams, partner organizations, residents and businesses to <br />communicate updates, support during construction and market improvements. <br />FISCAL IMPACT: <br />The LRC passed a resolution to direct staff to initiate the bonding process in the amount <br />of up to $10 million. LRC will have decision -making power to accept the terms once they <br />are known as well as commit the bond revenues to projects. As each project gets more <br />detailed and the costs better known, the LRC will approve expenditures through <br />resolutions and the annual budget process. At anticipated bonding amounts the bonds <br />will not preclude the LRC from continuing their operations or impact the ability to enter <br />into TIF agreements with qualifying projects within the urban renewal area. <br />PROGRAM/SUB-PROGRAM IMPACT: <br />Committing to project funding will allow the LRC the ability to continue with current <br />programming as well as implement new capital projects to meet area goals and <br />objectives. <br />RECOMMENDATION: <br />Staff is seeking direction on funding commitments from the LRC for the Downtown <br />Streetscape Plan and South Street Underpass at Highway 42. Staff recommends that <br />the LRC provide desired funding amounts for each of the two projects, in "up -to" amount <br />allocations. <br />COMMISSION COMMUNICATION <br />Agenda Packet P. 9 <br />