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<br />City Council Study Session - 07/19/04 <br />Minutes - Page 20 <br /> <br />local and state tax rates; fiscal disparity considerations; projected <br />tax increment tax flow; phasing of redevelopment; total <br />increment generation over 25 or 26 years; bond and revenue note <br />analyses; and the amount of tax increment generated by the <br />project. <br /> <br />1) Discussion included revenue stream justification in bonds; <br />impacts of inflation; debt service on a bond issue for <br />principal and interest; administrative costs in the TIF <br />district; revenue sources and uses; gap strategies and <br />ranges; contingencies; and advancing project costs. <br /> <br />Mr. Casserly reviewed, and Councilmembers discussed, <br />individual gap strategies for consideration in detail, including: <br />1) Twin Lakes Parkway issues; <br />2) Special Assessments; <br />3) Reduced Contingencies; <br />4) Reduced City Administrative Fees; <br />5) Off-Site Road Improvements; <br />6) Award of Environmental Remediation Grants; <br />7) General Obligation and Revenue Bond Issuance; <br />8) Higher Land Payments; <br />9) Hazardous Substance Subsidies; <br />10) Fiscal Disparities Outside Tax Increment District; <br />11) Revenue Note from Inflation and Coverage; and <br />12) Combination of Gap Strategies 4,7, and 10. <br /> <br />Discussion included gap strategies used at the Applewood Pointe <br />project to cover administrative costs; administrative costs <br />currently being incurred on the Twin Lakes project (i.e., legal, <br />consulting, bookkeeping costs); grant availability; interest rate <br />projections and the conservative projections used; tax exempt <br />bond rates versus taxable rates; Port Authority of the City; <br />pledged revenues and securities; TIF revenue bonds; ways to <br />reduce deficit with higher land values and factors that go into <br />determining resale value of land; land use as incorporated by <br />City vision; and the methods used to define actual appraised <br />value of land; comparison of comparable sites with specific <br />density and similar end product desired; phasing times; and <br />compilation of all costs in making the property reusable. <br />Mr. Casserly further reviewed negotiating factors for the Council <br />