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indebtedness figure and the City/URA’s estimated costs for the West Broadway Redevelopment
<br />project. Although the concepts have some overlap, they are not the same calculations.
<br />Maximum Indebtedness vs. City/URA Estimated Development
<br />Costs for West Broadway Redevelopment Project
<br /> Maximum Estimated City/URA
<br />IndebtednessCosts for West
<br />Broadway Project
<br />City/URA Funding for Development Costs
<br />-HUD 108/URA repayment $7,895,000$7,895,000
<br />-BEDI Grant Not Applicable2,000,000
<br />-Urban Renewal Revenue Bonds 6,600,0006,600,000
<br />-Urban Renewal Cash 5,580,0005,580,000
<br />-DRLP Funds Not Applicable1,495,000
<br />-HOME Funds Not Applicable800,000
<br />-City General Funds/Loan Guarantee Not Applicable1,250,000
<br /> Total City/URA Funding for Development Costs 20,075,00025,620,000
<br />Additional City/URA Costs over Life of District
<br />-Interest on Borrowing Not Applicable8,000,000
<br />-District Administration 10,000,000Not Applicable
<br /> Total Additional City/URA Costs over Life of 10,000,0008,000,000
<br />District
<br />Other West Broadway Project Costs
<br />(reimbursed by developers)
<br />-Property Purchase 8,000,0000
<br />-Contingency for Unknowns 6,525,0000
<br /> Total Other West Broadway Project Costs 14,525,0000
<br />Other Potential West Broadway Incentives
<br />-MUPTE Not Applicable4,700,000
<br />-Low Income Housing Exemption Not Applicable5,500,000
<br /> Total Other Potential West Broadway Incentives Not Applicable10,200,000
<br />OVERALL TOTAL
<br />$44,600,000$43,820,000
<br />The “maximum indebtedness” spending limit governs any expenditure of tax increment reve-
<br />nues. Expenditures made from sources other than tax increment revenues are not included in the
<br />spending limit, such as Downtown Revitalization Loan Program funds. In addition, interest on
<br />debt is not included in maximum indebtedness, nor is the refinancing of existing indebtedness.
<br />(The district does not have any outstanding bonds, so there is no refinancing contemplated.)
<br />The total maximum indebtedness in the table comes to $44.6 million, which is more than the $40
<br />million increase proposed in the plan amendment. This $44.6 million of maximum indebtedness
<br />represents the remaining $4.6 million of spending left under the current limit, plus the $40 mil-
<br />lion of additional authority that is proposed in the urban renewal plan amendments.
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