RES 87345 - Laserfiche WebLink

Task 3: Formulate Community Development Financinq Plan The community development program is likely to draw from one or more of three revenue sources, including tax increments, city revenues in excess of the Proposition 4 spending limit and gen- eral fund revenues. These, and possibly other, revenue sources can be brought to bear on the improvements identified in the community development plan in a variety of ways. Working with city staff and other members of the consulting team, we will structure a financing plan that prioritizes plan improvements and makes use of tax allocation bonds, short term notes, pay- as-you-go financing and other financial mechanisms to accomplish the objectives of the plan in a manner that results in the most "bang for the buck". Task 4: Analyze Fiscal Impacts Based on the projections of tax increment revenues, we will analyze the fiscal impacts of the community development plan, in terms of the revenues that would be foregone by other taxing agencies as a result of "freezing" the tax base. If appropriate, we will analyze the fiscal implications of any proposed tax increment agreements that might be considered to mitigate the loss of potential revenue to particular taxing entities. SCHEDULE The schedule for completing the reports required by the Health and Safety Code will be determined by the City's schedule for completing the community development plan adoption process. The details of how those reports are to be produced will, of necessity, be worked out in the formulation of a work program coordinating and integrating the efforts of all the members of the community development consulting team. EPS will work closely with City staff to manage the resources of the consulting team and assemble the documents required to formulate and adopt a community development plan. As the first step in the work program, we will complete projections of tax increment revenue to provide a basis for assessing the level of plan improvements that could be undertaken. These projections will be completed by the first week in September. 2