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Item A: Downtown Financing Strategy
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Item A: Downtown Financing Strategy
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6/9/2010 1:01:12 PM
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3/5/2010 9:10:22 AM
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City Council
City_Council_Document_Type
Agenda Item Summary
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3/8/2010
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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 additional property tax revenues. <br />Levy proceeds could be available in FY12, if there is a successful election by <br /> <br />o <br />May of 2011. <br />Downtown Urban Renewal District may use remaining amount under the cap <br /> <br />o <br />on projects included in the current district plan and approved by the URA <br />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 />Must be renewed every 5 years by a vote <br /> <br />o <br />Unfunded Items Downtown loan program more limited (must operate only on interest earnings <br />instead of downtown district administration). <br />Other Impacts n/a <br /> <br />How it Works – Cash Flow Projections <br />The following chart shows a rough estimate of how this scenario would work. <br /> <br />
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