Revitalization Commission Agenda and Packet 2024 11 20

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Revitalization Commission Minutes October 30, 2024 Page 2of7 Commissioner Comments on Items not on the agenda: None. Business Matters of Commission: Preliminary Approval of 2024 Amended Budget The Economic Vitality Manager presented the 2024 budget amendment to the commission. The presentation was included in the meeting packet. Today's meeting is a public hearing for the approval of the budget amendment. Commissioner Comments: Commissioner Lipton asked what the increase for principal bonds to be paid is and what caused the change to the budget. The Director of Finance responded that these are tax increment funding bonds based on the value above and beyond the core assessment value of the URD. Assessments have increased and this ties it back to the debt more quickly. The amount is calculated each year, and this payment will result in the debt being paid off more quickly. It is related to the original DELO project. Commissioner Lipton commented on the property tax line item, that it seems to be variable each year. The EV Manager responded that it is based on projections of preliminary assessments, and we won't know the actual amount until the end of the year. The Director of Finance commented that, in off -assessment years it's not uncommon for the amount to be less and we will receive the final numbers on December 10. Commissioner Lipton commented that the fire district and county seem to increase each year. The EV Manager responded that those amounts are based on the mill levy. Commissioner Williams asked for clarification on the amounts which have been moved around. She supports eliminating the remaining funds in the property improvement program this year because it hasn't been rolled out yet. She asked if her interpretation that, with two months left in the year, we are stopping facade improvements for the year. The EV Manager confirmed that there may be a few businesses which apply, but at this point approval and reimbursement for new projects won't be completed until 2025. Commissioner Williams commented that she has hesitation around ending the facade improvement program, asking if it is because of the $650,000 approved for Ironton, which was not included in the budget. The EV Manager responded that both the Facade Improvement Program and Property Improvement Program are significantly budgeted in 2025 and beyond. There are a lot of assumptions in the proposed 2025 budget spreadsheet. Because facade improvements require an approved and signed agreement, it will have to go through LRC and Council so the timing would have approval happening in 2025. There was a discussion around the pavement repair line item and how the funds should be allocated in the budget. There was a discussion around the $75,000 remaining in the 2024 budget for the Facade Improvement Program.