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DBVBLOPIIBBT DBP~RTIIBBT
OF 1'BB CI'n OF SAB -.&1mtBO
IIIlR)IWUllJII
TO: Honor.ble Cbairman and Member. of the
Co_ity Development COlIIDisBion
FROM: ICDl'lBTH J. HENDERSON
Executive Director
SUBJECT: DBVBLOPMBlft' DBPAhn...l.I: USE OF TAX
ALLOCATIOl'l' BOl'l'D PROCBBDS
DATE: July 18, 1991
COPIES: City Admini.tr.tor; Admini.tr.tor-EDA; Director of Finance;
Director of Public Worlta; Executive Aa.iatant to lIayor; City
Trea.urer; rUe
Att.Ched for your review i. . copy of the u.e of bond proceeda and other
funda for the Development D.p.rtment .a of July 17, 1991. Thia inform.tion
is being provided in counection with the potenti.l us. of tax .llocation
bond proc.ed. for the V.rdemont-~re. Infr..tructure Financing Plan and
Aasesament Di.trict NUmber 987.
On p.se "3" of the .ttachment is the aChedul. of uaes of tax allocation
bond proceeds. Liated first are the amounta w. have r.ceived in bond
proce.da from the 1988, 1989, and 1990 tax .lloc.tion bond iaauea. The.e
amounta tot.l $32,960,876. Liat.d th.r..fter are the ap.cific expenditure.
(column number "1") that have been .lloc.ted by the COIIIIII1D1ity Development
COIIIDiaaion .a of July 17, 1991. Theae expenditurea amount to $12,372,528.
The b.lanc. remaining in unencumb.red tax allocation bond proceed. tot.la
bO.588.348.
In addre.sing the Verdemont ia.ue, I propo.. w. .lloc.te co.ta .a.oci.ted
with the propoa.d improvementa on. pro rata baaia among the various
project .r.... A pro r.t. .lloc.tion of the tot.l fUnding n.ce..ary to
complete the propoaed improvementa i. aa followa (funding .t . low.r level
would reduce the project area .ppropriations .ccordingly):
1.
2.
3.
4.
5.
6.
St.te College:
Southea.t Indu.trial P.rk:
Northwe.t:
SOUth V.lle:
Tri-City:
Uptown:
$ 943,194.55
142,814.42
206,971.05
251,472.28
439,487.44
116.-060.27
TOTJI.:
b.100.OOO.OO
KJH:CKE:lab:0032E
att.chment
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DBVBLOPMDT DBP~lWUltJN
Development Departllent""'e - of Tax
Allocation Bond Proceeds
July 18, 1991
Pase 2
o
The above allocation is an exUlple only and presumes departllent financing
of the proposed improvements and certain costs associated with the
formation of Assessment District Humber 987. It is understood the Mayor
and CODllDon cowcn msy approve fwding for only a portion of the
improvements and ancillary costs.
If you have any questions or cODllDents, please call me at extensions 3558 or
5081.
~~A J. nKRIIK.AOK Bzecutive Director
Develoll8lent Depar t
tJB:CXB:lab:0032B
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