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POLICY OBJECTIVE <br />Identifying and authorizing funding for city expenditures is consistent With the City's financial and <br />budgeting policies as Well as industry- recommended practices. <br />FINANCIAL IMPACTS <br />Assuming the City issues $2 million in equipment certificates to pay for the proj ect and amortized the debt <br />over a 10-year period, the impact Would be as follows: <br />Valued <br />Home * $235K <br />Current taxes <br />10-Year <br />Payback Schedule <br />$565 <br />Additional taxes <br />10 <br />Total taxes <br />575 <br />% Increase <br />1.8% <br />The Council is reminded that these taxpayer impacts would be in addition to any added impacts from other <br />property tax levy increases that will be needed for the City's operating and capital replacement budgets. <br />STAFF RECOMMENDATION <br />Staff recommends the Council approve the attached resolution approving the funding plan for the <br />replacement of the Arena refrigeration system. <br />REQUESTED COUNCIL ACTION <br />Motion adopting the attached resolution approving the funding plan for the replacement of the Arena <br />refrigeration system. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Resolution approving the funding plan for the replacement of the Arena refrigeration system <br />Page 2 of 4 <br />