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Mr. Mueller then overviewed the different projects in the respective TIF Districts. He stated, <br /> Across the TIF Districts, right now we receive about $25 million cumulatively in revenue each <br /> year. This will go down in 2020 with the property tax caps but currently we have about $11 <br /> million for existing debt service. That encompasses things like Police Stations, Fire Stations, <br /> previous public facilities, Smart Streets and other bonds. Next year it will increase by about <br /> $500,000 to service the new TIF Parks Bond. That leaves about$13.5 million across all TIF <br /> Funds available for expenditures. The major projects we see being committed for 2018 added up <br /> are actually more than $13.5 million. We have some cash reserves that have been carried over <br /> that we expect to be spending now, but we are in this conundrum where we have funds <br /> committed but they don't get expended. Every year, the TIF budget is the highest budget. It <br /> always goes up because there are funds we've committed in previous years that we haven't spent <br /> and we have to leave room for that. The current year funds are always fully spent so it just <br /> cascades down. There is no obvious solution for that because we could get more aggressive and <br /> start spending earlier, but I don't want to run out of cash reserves. <br /> Councilmember Dr. Varner asked, Are you comfortable with the fact that the expectation is you <br /> will probably expend the $13.5 million?And the balance will then roll over and you will have <br /> the necessary cash for the other projects? <br /> Mr. Mueller replied, On our projects, with the cash and the new revenue expected, we won't run <br /> out of money. <br /> Councilmember Scott stated, I would like to see us taking more advantage of TIF Funds for <br /> curbs and sidewalks. <br /> Councilmember Broden asked, Could you give some background to the rehabilitation of Fat <br /> Daddy's and the Lafayette Building as well as some justification and rationale for those two (2)? <br /> Mr. Mueller replied, We wanted to keep historic buildings in our downtown. One (1) of the <br /> biggest mistakes we've made in our downtown, in addition to the one (1) way highways through <br /> it, was our starting to demolish buildings. This left vacant lots everywhere. It ruins the <br /> walkability and once the buildings are gone,they are gone forever. The Lafayette Building <br /> particularly was one (1) of the first office buildings and there is a large history there. We also <br /> think there could be a large potential for leasing it as office space because of its proximity. The <br /> challenge with that building is there is no parking associated with it currently so unless there is a <br /> garage built, it would be hard to do. We have to pay money to demolish Fat Daddy's. It is an <br /> unsafe building and is unsound in the back. We have to spend a significant amount of money <br /> demolishing it either way so the idea here is to preserve the facade as this initial tax credit project <br /> moves in behind it. One (1) of the things that makes these tax credit projects competitive is <br /> adaptive reuse and that is what we are hoping for. <br /> Councilmember Broden followed up, What does stabilization mean, specifically the stabilization <br /> for$1.2 million? Who are our partners on that and what are the short-term long-term plans on <br /> that? <br /> 10 <br />