Ordinance No. 20564 - Laserfiche WebLink

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the estimated cost of building a new main library, plus continuation of the administrative costs in the district, preparing annual financial statements, disposing of the former Sears building on 10th Avenue and Charnelton Street (which is now the site of the new LCC Downtown Campus), overseeing completion of the Broadway Place and Overpark elevator projects, and administering the loan portfolio. It included an annual inflation factor of 5% on project costs and excluded existing debt. In 2010, the maximum indebtedness limit of $33 million was almost fully spent or committed, with the bulk having been spent on building the downtown library. City Council amended the Plan in order to complete three projects: LCC downtown campus; Farmers' Market improvements, and assuming the Broadway Place Garages debt. Maximum indebtedness was increased by $13.6 million, which resulted in a revised maximum indebtedness figure of $46.6 million for the cumulative spending in the Plan Area from 1998 to the end of the Plan. This revised maximum indebtedness amount was the estimated amount needed to accomplish the three additional projects and to provide for district administration. The $46.6 million of maximum indebtedness has almost been fully spent or committed on the three projects included in the 2010 Plan Amendment. In order to accomplish additional projects, it is estimated that an additional $19.4 million will need to be added to maximum indebtedness, as shown in Table 6 below: Table 6. Maximum Indebtedness Calculation Project Estimated Cost 2016 Plan Amendment Park Blocks & Open Space Improvements $1M - 5.2M Year -Round Farmers' Market $1-4M High -Speed Fiber $1.5 - 3M Old LCC Building $1- 3M Project Delivery Administration (thru FY27) $4.2M Total Addition to Maximum Indebtedness $19.4M 1998 Plan Amendment $33M 2010 Plan Amendment $13.6M 2016 Plan Amendment $19.4M Total Maximum Indebtedness $66.OM Table 7 in Exhibit E includes information about future revenues and expenditures in the Plan Area. The timing and amounts for individual project activities will be determined by the Agency Board with community member participation identified in the Plan Section 900 and each year during the annual budget process. Completion dates for individual activities may be affected by changes in the plans of other private or public partners, local economic and market conditions, changes in the availability of tax increment funds, and changes in priorities for carrying out project activities. Report on the 2016 Amendment 17