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<br />--lA ~ t
<br />
<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 />
<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 />
<br />Downtown Funding Plan FY 03/ FY 03104 d FY 03/04
<br />I Item I Cost - Existing Fundin Funding Ne:æ¡:
<br />Parkinq Improvements - 19,175,000 19,175,000
<br />Land Assembly 11 ,500,000 9,500,000 2,000,000
<br />Culvert 3,800,000 3,800,000
<br />Streetscaoe Improvements 1,675,000 1,675,000
<br />Courthouse Plaza 7,050,000 566,810 6,483,190
<br />Miscellaneous Downtown Projects 850,000 200,000 650,000
<br />Development 3,067,000 3,067,000
<br />Incentives/Contingency
<br />
<br />/Total 47,117,000 10,266,810 36,850,190
<br />
<br />Estimated Unappropriated Fund Balance* 1,495,814
<br />
<br />Additional Fundina Needed 35,354.376
<br />
<br />BOND FINANCING PLAN
<br />Net Bond Proceeds . 30,894,376
<br />City/ Aqency Loan 4,460,000
<br />/Total Additional Fundina 35,354.376
<br />
<br />* Actual unappropriated fund balance is $2,695,814. $1,200,000 is being held in reserve for
<br />operatinq expense
<br />
<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 />
<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 />
<br />1-2
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