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<br />Development Incentives/Contingency $ 3,067,000
<br />Estimated costs for offsite reimbursements for the Franklin Street Apartments;
<br />downtown precise plan; possible incentives for private development projects; and
<br />contingency for unforeseen opportunities and expenses.
<br />These projects total almost $37M. The plan for funding these projects includes $1.5M
<br />in existing Agency resources, approximately $31 M in Agency bonds, and an estimated
<br />$4.5M in a loan from the City. This funding plan is detailed below.
<br />L D Furd1Ing Plen
<br />FY 03/04
<br />FY 03/04
<br />- - - - -- FY 03/04
<br />Item ,
<br />Cost
<br />EXIMN Fun
<br />dn�
<br />FurKBng Ne eded
<br />L Imp rovements
<br />19,
<br />L•
<br />19,175,000
<br />and Assembly
<br />11,500,000
<br />9,500,000 �
<br />2,000,000 j
<br />Culvert
<br />Streetscape Improvements
<br />3,800,000
<br />1,675,000
<br />3,800,000
<br />1,675,000
<br />lCourthouse Plaza
<br />7,050,000
<br />566,810
<br />6,483,190 '
<br />Miscellaneous Downtown Projects
<br />850,000
<br />1 200,000
<br />650,000
<br />Development
<br />3,067,000
<br />1
<br />3,067,000
<br />Incentives /Contingency
<br />1
<br />Total
<br />47,117,000
<br />I
<br />10,266,810
<br />I
<br />j
<br />36,850,190
<br />Estimated Unappropriated Fund Balance'
<br />I
<br />I
<br />1,495,814
<br />Additional Funding Needed
<br />I
<br />35,354,376
<br />BOND FINANCING PLAN
<br />I
<br />Net Bond Proceeds
<br />30,894,376
<br />City /Agency Loan J
<br />4,460,000
<br />Total Additional Funding
<br />35,354,376
<br />'Actual unappropriated fund balance
<br />is $2,695,814.
<br />$1,200,000 is being held
<br />in reserve for
<br />loperating expense
<br />The financing plan includes: (1) tax allocation bonds sold by the Agency and secured by
<br />tax increment, and (2) a loan from the general fund that will be funded through the
<br />refinancing of 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 />1 -2
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