Downtown Development Authority Minutes

Present: DDA Members: Christopher Johnson, Margene Buckhave, Jim DeHaan, Lynda Heaton, Lou LaChance, Jim Long, Greg Presley, Rick Shaffner

Absent: Dave Larsen

Also Present: City Manager Gary Word, Assistant City Manager/Finance Director Nickie Bateson, DDA Director Lori Ward, School Board Representative Joan Wadsworth, Recording Secretary Carol Kasprowicz

Two changes to the Downtown Development and Tax Increment Financing Plan are required to cover the proposed parking deck(s) projects currently under consideration by the DDA and the City. The original Plan of the DDA indicated that the DDA would exist until any bonds issued to implement the Plan had matured. The bonds currently in existence mature in 2008. It is anticipated that the bonds issued for the proposed parking deck(s) project would mature in year 2024. Subsequently, the DDA’s existence would be maintained until 2024 or by further amendments to the Plan.

The second change includes the specific mention of the acquisition and construction of a multi-level parking deck(s) and additional public improvements as are necessary to fulfill the Plan’s objectives of preventing the deterioration of the downtown, stimulating the downtown economy, and encouraging private investment in the downtown.

In submitting a Tax Increment Financing Plan, it is a requirement to submit information regarding projected tax increment revenues anticipated to cover the proposed bond issue. The financial data submitted assumed a 3% annual growth in homestead and non-homestead property taxes in the DDA District. In configuring the issuance of a 20-year bond debt of $5M at an interest rate of 4.18%, it was projected that the tax increment revenues available for the proposed bonds exceeded the estimated debt service on the proposed bonds.

Motion DeHaan, seconded by LaChance to approve the Resolution Approving Tax Increment Finance and Development Plan Amendments and request City Council to call a public hearing on Plan Amendments, with corrections to the Plan under "Amendment to Development Plan" to read "…the cost of the parking deck portion of the project is presently estimated to be not less more than $6,500,000," and under "Amendment to Tax Increment Financing Plan" to read "The maximum amount of bonded indebtedness to be incurred under the 2003 Amended Plan is $6,500,000 for the parking deck and not to exceed $10,000,000 for any additional public improvements. Motion carried unanimously.

There being no further business, the meeting was adjourned at 8:25 a.m.

Respectfully submitted,

Carol T. Kasprowicz
Recording Secretary