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y. p -7
<br />Downtown Funding Plan
<br />FY 03/04
<br />FY 03104
<br />FY 03104
<br />Item
<br />Cost
<br />_ Existin�Fun Funding
<br />Needed
<br />Parking Improvements
<br />19,175,000
<br />19,175,000
<br />Land Assembly
<br />11,500,000
<br />9,500,000
<br />2,000,000
<br />Culvert
<br />3,800,000
<br />3,800,600
<br />Streetscape Improvements
<br />1,675,000
<br />1,675,000
<br />Courthouse Plaza
<br />7,050,000
<br />566,810
<br />6,483,190
<br />Downtown Projects
<br />850,000
<br />200,000
<br />650,000
<br />I Miscellaneous
<br />Development
<br />3,067,000
<br />I
<br />3,067,000
<br />Incentives /Contingency
<br />Total
<br />47,117,000
<br />I 10,266,810
<br />36,850,190
<br />Estimated Unappropriated Fund Balance*
<br />I
<br />I I
<br />1,495,814 I
<br />. Additional Funding Needed
<br />I I
<br />35,354,376
<br />BOND FINANCING PLAN
<br />Net Bond Proceeds
<br />30,894,376
<br />City /Agency Loan
<br />j
<br />4,460,000
<br />Total Additional Funding
<br />I I
<br />35,354,376
<br />*Actual unappropriated fund balance is $2,695,814.
<br />$1,200,000 is being held in reserve for
<br />operating expense
<br />The financing plan includes: (1) tax allocation bonds sold by the Agency and secured by tax
<br />increment, and (2) a loan from the general fund that will be funded through the refinancing of
<br />the City's 1991 Public Financing Authority (PFA) Lease Revenue Bonds.
<br />The sale of tax allocation bonds secured by tax increment (the Agency's property tax
<br />revenue) is the primary funding vehicle used by redevelopment agencies to finance
<br />redevelopment activities. No vote of the electorate is required. The bonds are a limited
<br />obligation of the Agency only, with no recourse by bondholders against the City's general
<br />fund in the event tax increment declines and is insufficient to pay debt service on the bonds.
<br />The Agency issued tax allocation bonds in 1991 to finance various capital projects. These
<br />bonds were refinanced in 1997 to save the Agency money as a result of declines in interest
<br />rates.
<br />In determining the size of the bond issue, the City's financial advisor has matched principal
<br />and interest payments of the new bonds to projected available tax increment revenue to allow
<br />the Agency to provide approximately $31 million for the Agency's projects. The bond issue
<br />will be structured to allow the release of the money held in a debt service reserve fund for the
<br />Agency's outstanding 1997 tax allocation bonds, which will add an additional $1.5 million to
<br />available net proceeds. The bond structure uses all available tax increment and anticipates
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