Ordinance No. 20459 - Laserfiche WebLink

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Projections for district administration assume that once the LCC and Beam projects are complete, district administration expenses will be reduced to a minimal level that will be sufficient to ensure administration of outstanding debt, budget development, annual review of project activities, and financial report preparation. Specifically, the administration projection includes staffing at 1.4 FTE for years FY2010/2011 through FY2012/2013 followed by 0.14 FTE for years FY2013/2014 through FY2017/2018. Additional items in the projection include legal and consulting fees necessary to protect the City /Agency and complete the Projects, debt issuance cost needed for the Projects, and property management. Table 5 List of Project Activities and Estimated Costs Project Activity Total Estimated Cost LCC New Downtown Campus $ 8 Broadway Place Garages & Public Safety Improvements $ 4 Park Block Improvements for the Farmers' Market $ 500 Project Delivery Administration (through district termination) $ 1 1 190 1 000 Projects Funded from Urban Renewal Agency $ 14,500,000 Projects Funded from Private Sources and Other Federal, State and Local Government $ 17, 500, 000 TOTAL Funding for All Projects $ 32,000,000 Projects will begin in FY2010/2011. Decisions on priorities of funding for Projects will be made by the Agency Board in its annual budget process and at regular Agency Board meetings, all of which are open to the public. Construction of the Projects contemplated in the 2010 Amendment is expected to be completed by 2013. Debt issued to fund the projects is estimated to be paid off by FY2017/2018. The Agency shall convene not less than once each year a committee of such persons to prepare a report on a) the activities of the Agency for the previous fiscal year, and b) whether the Agency's expenditure of tax increment dollars was limited to the Projects and the associated administrative costs authorized by the Plan. Report on the 2010 Amendment 10