Revitalization Commission Agenda and Packet 2025 05 14

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Revitalization Commission Minutes April 9, 2025 Page 2 of 6 Business Matters of Commission: Facade Improvement Application — 901 Main Street This item was postponed. 2025 Budget Amendments and Carry -Forward The Economic Vitality Manager presented 2025 Budget Amendments and Carry Forwards to the Commission. Details of the 2025 Budget Amendments and Carry Forwards were included in the meeting packet. Commissioner Lipton made a motion to approve the LRC 2025 budget amendments and carry forwards. Commissioner Harald seconded. Roll Call Vote: unanimously approved with Councilmember Dickinson abstaining. Commissioner Comments: Commissioner Adler asked if the $20,000 DeLo Boom project funds are anticipated to be spent in 2025. The EV Manager responded that yes it is anticipated to be spent in 2025. A lot of that project is the original bond taken out in 2014, noting that many contracts and expenditures will be closed out in 2025. Commissioner Adler asked for an estimated timeframe for the professional services for the DELO Boom and Ironton projects. The EV Manager responded that DeLo Boom has been put on hold and is going back to the drawing board on some of the components. She also noted that Ironton is near completion, and they are debating changing the size of the building which will change construction costs. It will be closed when that decision is made. Commissioner Adler asked for clarification on the request for the Vision Plan funding. The EV Manager responded that we are moving bond proceeds between years not increasing the bond amount. Commissioner Adler asked if fees and interest costs will change. The EV Manager responded that we still have outstanding bond payments from the 2014 bond. We haven't issued the bond yet and staff have been meeting with bond council and financial partners to determine the best process to get the best rate. Once we know what that process looks like LRC will be asked to approve the process. Once we have that information, we will have a better gauge on how the principal bond and interest payments will change at that time. Commissioner Iglesias asked for clarification on the plan for when construction will start in 2025. The EV Manager responded that the schedule is not final at the moment, though we anticipate some construction this year throughout downtown. It is not anticipated that this will include the bulk of the Steinbaugh Plaza area. The first advisory committee meeting is scheduled for next week. After we get feedback we will get a better understanding of what construction can begin in 2025. Commissioner Harald asked why we are only recognizing $2.25M when bonds are issued this year. The EV Manager responded that because we are exploring options to pool the bonds so that we only pay interest when we pool the money. We anticipate getting $2.25M this year and the remainder over the next two years. We want to align it as close as possible to when we draw