Item A: Downtown Financing Strategy

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Resources FY10 FY11 Beginning Working Capital $5,896,382 $4,357,039 Property Taxes 1,730,000 0 Interest Earnings 19,000 90,000 Total Resources $7,645,382 $4,447,039 Requirements FY10 FY11 Administration $330,000 $330,000 Beam Project 265,000 0 Downtown Initiative 150,000 0 Miscellaneous Projects 134,593 0 Remaining Amount Under $33 Million Cap 0 850,000 Library Debt Service 2,408,750 0 Total Expenditures 3,288,343 1,230,000 Reserves/Amount Available 4,357,039 3,267,039 Total Requirements $7,645,382 $4,447,039 Amount Remaining Under Maximum Indebtedness Cap If the Downtown District were to stop collecting tax increment funds, an estimated $850,000 would be left under the current $33 million maximum indebtedness cap. This is more than the $0.5 million that was estimated last year at this time because it is updated for: 1)amounts actually spent in FY09, which was a little less than expected; 2)FY10 expectations, which include no expenditures for the WG project ($440,000), and additional expenditures for the Downtown Safety Initiative projects approved by council ($150,000) Distribution of One-Time Tax Increment to Overlapping Districts State law governs the redistribution among the taxing districts of any funds available when tax increment financing is terminated. The County Assessor provided a chart that shows the percentages that each district would receive, based on the current year’s information. (The percentages change each year.) Based on an estimated $3.2 million available for redistribution, the chart shows how the dollars would be split if the redistribution was based on current year percentages. These are one-time dollars that would be available for the districts and purposes shown.