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75-008
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75-008
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Last modified
1/13/2015 5:00:07 PM
Creation date
6/26/2003 10:46:47 AM
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Template:
City Clerk
Doc Type
Resolution
Doc #
75-8
Date
2/3/1975
Document Relationships
74-180
(Amends)
Path:
\Resolutions\CITY COUNCIL\1952 - 1999\1974
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EXHIBIT 2 - Cont'd. <br />Page 2 <br /> <br />of their accuracy until an audit of assessments within the project <br />area for both the current and base year are complete. This may re- <br />quire several weeks. However, considering the value of such large <br />increments as the Federal Building and the value of Civic Center <br />Drive improvement acquisitions in removal from the base year, it seems <br />reasonable to estimate an increment of $200,000 for next year. The <br />senior citizens' housing project, and possibly the improvements of <br />the First American Title Company should substantially increase the <br />tax increment for 1976/77. <br /> <br />Resale of Land. Most properties'acquired by the Agency will be'cleared, <br />~onsolidated and probably sold for less than their acquisition cost <br />as an inducement for major private redevelopment in the downtown area. <br />The senior citizen housing site will be sold next year and possibly <br />the Kramer site. No dollar amount is estimated, but some revenue will <br />be received and can be counted upon to "cushion" these fiscal projec- <br />tions and will help keep the budget in balance. <br /> <br />EXPENDITURES: <br /> <br />General Operations. The small staff may increase slightly, but it is <br />~stimated that most of these operational funds needed for supporting <br />studies, appraisals, etc. will be provided by contract with private <br />professionals. <br /> <br />2. Senior Citizens' Housing. Funds needed to complete this project as <br /> explained in Exhibit B. <br /> <br />Bond Reserves and Repayment. Most of these funds in the first year <br />or two could be set aside zrom proceeds of the bond sale in 1975/76, <br />as commented upon in the revenue section above, until sufficient <br />annual tax increment funds are generated to offset annual debt retire- <br />ment. Hopefully, as indicated, this will occur between the third or <br />fourth year. <br /> <br />Working Capital Fund. Bond proceeds can be used to acquire sites, <br />60nst'r6ct needed u~ilities and improvements, all of which hopefully <br />will stimulate private redevelopment of the downtown. If this occurs, <br />additional working capital will be needed within three to four years. <br /> <br />5. Bond Reserves. This is a potential expenditure and represents the <br /> unused bond ~roceedS. <br /> <br />--9-- · <br /> <br /> <br />
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