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<br />City Council <br />Special Meeting Minutes <br />February 9, 2010 <br />Page 3 of 10 <br /> <br />Finance Director Watson reported the approved 2010 budget did not anticipate <br />the closure of the Louisville Sam's Club, which is expected to reduce revenue to <br />four funds who receive sales tax revenue, The annual impact from the closing of <br />Sam's Club assumes a replacement in 2011 would generate 50% of the revenue <br />loss from Sam's. The 2010 revenue loss is as follows: <br /> <br />. General Fund - $500,000 <br />. Capital Projects - $250,000 <br />. Conservation Trust - $93,000 <br />. Historic Preser\l'ation - $30,000 <br /> <br />Changes to Five-Year Capital Improvements Program included the following: <br /> <br />. $3,500,00 - Estimated "Rollover" from 2009 to 2010 for projects approved <br />in 2009 but will not be completed until 2010 <br />· $6,500 - Elimination of Lastoka Property Conservation Project <br />· $4,000,000 - delay City Shops Remodel Project one year from 2010/2011 <br />to 2011/2012 <br /> <br />Fiscal Impact Analysis of ConocoPhillips - Phase 1 development is projected to <br />generate the following: <br /> <br />. $930,000 in annual property tax revenue (General Fund and Debt Service <br />Fund) <br />. $270,000 in annual salles tax revenue (General Fund, Conservation Trust <br />Fund, Capital Projects Fund and Historical Preservation Fund) <br />. $7,425,000 in one-time building use tax revenue (General Fund, <br />Conservation Trust Fund and Capital Projects Fund) <br />. $3,655,000 in one-time building permit revenue (General Fund) <br /> <br />PUBLIC COMMENTS <br /> <br />Michael Menaker, 1827 Choke Cherry Avenue, Louisville, CO and John Leary, <br />1116 Jefferson Avenue, Louisville, CO voiced their concern over ConocoPhillips <br />fiscal impact analysis. <br /> <br />Financial Review of Golf Course Fund is as follows: <br /> <br />. Beginning in 2008, all costs associated with the Golf Course, including <br />capital costs, have been recorded in the Golf Course Enterprise Fund <br />. The Golf Course operating surplus has steadily declined for ten years. In <br />2008 and 2009 it had an overall deficit <br />. In 2008, the Wastewater Utility Fund loaned $700,000 to the Golf Course <br />Fund to cover the 2008 overall deficit (operating and capital) <br />