City Council Minutes 2014 07 01 - Laserfiche WebLink

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City Council Meeting Minutes July 1,2014 Page 18 of 31 "to fill the cap of the total cost of a project and the level of private financing that the project can support ". It is not to use funds to pay for as much infrastructure as it will cover. At one LRC meeting DELO requested money for more projects and a LRC member responded it appears you're asking for money because it is there. He inquired why Mr. Arnold is not asking to be subsidized. He asked Council to assess the cap, which requires a subsidy to guarantee a fair product. He stated the intent is not to cover as much as you can with TIF financing. He urged Council to use full due diligence. Alex Bradley, 1385 Caledonia, Louisville, CO, addressed the City's drainage line and noted the scope of work includes a bend in the northwest corner of existing line solely benefits the developer and not the public. The LRC minutes reflected discussion on where the funds would come from to pay back the bonds. She noted it also included the Boom development's 24 units, whose application has not been submitted to the City. The assumption for these bonds does not include projects not submitted. She did not feel Council had enough information to make a decision this evening. Karl Becker, 899 Welsh Court, Louisville, CO, stated he is the Chairperson for the Louisville Revitalization Commission and would provide an overview of the process. The bonds are funded by an incremental value of a property. The LRC had to provide some calculated assumptions on what the TIF model could do. The same calculator was used to assess what TIF could do for other approved projects. As the core area was evaluated, a lot of consideration was made on projects for the public good. The LRC checks and balances will be the professional investors who will buy the bonds. He noted there is also catalyst projects, which will help the area improve and provide public and social benefit. He emphasized the process has been methodical. Michael Menaker, 1827 W. Choke Cherry Drive, Louisville, CO a member of the LRC stated the fiscal risk for the City of Louisville is zero. COUNCIL COMMENTS Council member Stolzmann did not feel it was unreasonable to request the data to show the repayment because Council is being asked to increase the bond cap. She would feel comfortable reviewing the data before making a decision. She stated it would be helpful to discuss the improvements included. She addressed the City's responsibility and the reduction of the budget line item for funding City staff for urban renewal. She felt it was important to revisit what portion of the staff's time spent and whether it is being paid back. City Manager Fleming stated staff can revisit what portion of time is paid back. Mayor Muckle stated there was has been a lot of information at LRC meetings about the assumptions of value for different projects coming forward and the TIF revenue calculated to arrive from those projects. This information can be made available if Council wants more financial information before making a decision.