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Timing/Process Collection of tax increment funds would cease as of FY11 and taxing districts <br /> <br />o <br />would receive one-time and ongoing property tax revenues. <br />GO bond proceeds could be available ~3 months after a successful election. <br /> <br />o <br />Property taxes for GO Bonds would be levied starting in FY12. <br /> <br />o <br />Downtown Urban Renewal District may use remaining amounts under the <br /> <br />o <br />cap on projects included in the current district plan and approved by the <br />URA Board. <br />Downtown District administration of Beam project is assumed to occur <br /> <br />o <br />through FY11 under any scenario. <br />Voting/Elections Referred by council: <br />By June 28 for September 21 ballot (double majority required) <br /> <br />o <br />By August 9 for November 2 ballot <br /> <br />o <br />Unfunded Items Downtown loan program more limited (must operate on interest earnings <br />instead of Downtown District administration). <br />Other Imacts LCC project delayed to wait for results of ballot <br /> <br />o <br />Minimum: 1 year (project completed September 2014) <br /> <br />- <br />Maximum: no project, if rejected by voters <br /> <br />- <br />The new General Fund revenue freed-up from tax increment financing <br /> <br />o <br />termination may not provide sufficient funding to pay for inflation on the <br />cost of police officers over time <br /> <br />How it Works – Cash Flow Projections <br />The following chart shows a rough estimate of how this scenario would work. <br /> <br />