Item A: Downtown Financing Strategy

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ATTACHMENT D Comparison of the Funding Options ($ in millions) Existing Downtown GO Bond Local Option Levy Resources Urban Renewal SOURCES OF FUNDS Urban Renewal – Existing Cash $2.4 $2.4 $2.4 $4.0 Urban Renewal – Future Revenue 1 -- -- -- 9.1 Liquidate the Downtown Loan Program 1.9 -- -- -- New Debt Paid from General Fund or Urban Renewal 7.0 1.2 9.5 7.7 General Fund Revenue 1 8.6 8.8 8.9 -- Reallocate Existing General Fund Services 4.8 -- -- -- Debt Paid by New Tax – GO Bond for LCC -- 8.2 -- -- Local Option Levy for Police -- -- 5.7 -- Parking Fund for Police FY19 2 -- -- -- 0.9 Interest on GO Bonds from Property Taxes 1 -- 4.9 -- -- Total Sources $24.7 $25.5 $26.5 $21.7 USES OF FUNDS Pay for LCC, VA, Farmers’ Market $11.0 $11.0 $11.0 $11.0 Pay for Police Officers thru FY19 2 7.3 7.3 7.3 7.3 Legal/Debt Issuance/Administration 1.2 1.3 1.2 1.2 Interest Cost on New Debt 5.2 5.9 7.0 2.2 Total Uses $24.7 $25.5 $26.5 $21.7 Reallocation of Existing General Fund – annual amount $0.45 -- -- -- Voter Approval No Required Required Could be referred Amount of GO Bond / 5 Year Levy (thru FY19) -- $8.2 $5.7 -- Change to Median Taxpayer – annual amount 3 ($1.66) $7.34 $7.34 -- Year $ Returned to General Fund for Other Purposes 4 2032 2032 2032 2019 Downtown Loan Program Status Discontinued Continued Continued Continued Note: Cost of funding police officers, and associated revenues, shown through FY19 only. FY19 was chosen as the ending point to match the expected ending point for tax increment financing. 1 Excludes the principal on debt to avoid double-counting. 2 For UR scenario, district pays for parking debt (principal & interest) through FY18. Parking Funds pay General Fund for police officers through FY19. 3 Per the County Assessor, a taxpayer with an assessed value of $158,477 in FY10, with a total tax bill of $2,938. 4 General Fund bonds repaid over 20 years. Local Option Levy voted on every 5 years.