FINANCE & PERSONNEL
COMMITTEE
JAMES CARROLL
File #060992 is a substitute resolution authorizing the sale and issuance of general obligation bonds for providing assistance to blight elimination, slum clearance, redevelopment, and urban renewal projects.
Development Fund - $2,200,000 -
This program funds projects that are too small or do not qualify for TID
classification. The department proposes using the appropriation to fund priority
projects, including fa�ade grants, the fa�ade style program, retail investment
fund, brown-field cleanups, business improvement district support, commercial
revitalization, job training, new homes incentives and neighborhood street
improvement.
Business Improvement Districts (BID)
- $500,000 � This funding provides prevailing market rate interest loans to
qualifying BIDs. The department prepares an annual priority list, without
firm commitments for various BID Fund projects.
Fiscal
Impact
Until the actual structuring of the
debt issue is determined by the Public Debt Commission, details relating to the
long-term fiscal impact will not be known. Depending on actual sale date in 2007, a
maximum of 6 months interest would be incurred during the year. If sold
after July 1, 2007, there would be no fiscal impact in
2007.
Cc: Marianne Walsh Prepared by:
W. Martin Morics November 22, 2006
Richard Li