Item A: Downtown Financing Strategy

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for citizen review prior to the public hearing and ordinance amending the plan. (The plan amendment process is described in section E below.) By initiating the process, council is not committed to enacting the proposed amendments. Circulating the plan amendment to the various groups, allows them to provide input to the council on the possibility of making proposed amendments to the plan. Council has the authority to adopt plan amendments that differ from the ones circulated to the public. Timeline: The URA Board is requested to take action on March 8 to forward the plan and report to the Planning Commission and to the overlapping taxing districts. In addition, council would hold a public hearing in April and consider an ordinance to amend the urban renewal plan in May. B.Broadway Place Garages’ Debt & Downtown Safety Initiative (Officers) The Parking Fund currently pays between $700,000 and $800,000 each year on debt issued for the Broadway Place Garages. The debt is scheduled to be repaid through FY18, and the total principal amount outstanding is $4.81 million. If the Downtown District makes the Garages’ debt payment, the Parking Fund could have that additional amount to contribute to the General Fund. The General Fund could then use the funds for the Downtown Safety Initiative (officers). The proposed process is illustrated below. C.Downtown Urban Renewal District Administration Based on council/community priorities and the level of activity, staffing and administration costs in the urban renewal districts have varied over the years. For example, council reduced Downtown District administration over a three year period in conjunction with limiting expenditures to completion of the library as part of the 1998 plan amendment.