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<br />These projects total almost $37M. The plan for funding these projects includes $1.5M
<br />in existing Agency resources, approximately $31M in Agency bonds, and an estimated
<br />$4.5M in a loan from the City. This funding plan is detailed below.
<br />Downtown Funding Plan j
<br />Item
<br />Parking Improvements
<br />Land Assembly
<br />Culvert
<br />Streetscape Improvements
<br />Courthouse Plaza
<br />Miscellaneous Downtown Projects
<br />Development
<br />Incentives /Contingency
<br />FY . 04
<br />cost .
<br />19,175,000
<br />11,500,000
<br />3,800,000
<br />1,675,000
<br />7,050,000
<br />850,000
<br />3,067,000
<br />Total 1 47,117
<br />I
<br />Estimated Unappropriated Fund Balance*
<br />Additional Funding Needed
<br />(BOND FINANCING PLAN
<br />Net Bond Proceeds
<br />City /Agency Loan
<br />(Total Additional Funding
<br />'Actual unappropriated fund balance is $2,695,814.
<br />operating expense
<br />FY 03/04
<br />566,810
<br />200,000
<br />10,266,810
<br />Funding N eeded
<br />19,175,000
<br />2,000,000
<br />3,800,000
<br />1,675,000
<br />6,483,190
<br />650,000
<br />3,067,000
<br />36,850,190
<br />1,495,814
<br />35,354,376
<br />1 30,894,376
<br />4,460,000
<br />35,354,376
<br />I I
<br />$1,200,000 is being held in reserve for
<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 />obligation of the Agency only, with no recourse by bondholders against the City's
<br />general fund in the event tax increment declines and is insufficient to pay debt service
<br />on the bonds. The Agency issued tax allocation bonds in 1991 to finance various
<br />capital projects. These bonds were refinanced in 1997 to save the Agency money as a
<br />result of declines in interest rates.
<br />In determining the size of the bond issue, the City's financial advisor has matched
<br />principal and interest payments of the new bonds to projected available tax increment
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