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ATTACHMENT L For FY 1997-98, the City Council levied 52,797,923 for Riverfront/Downtown projects. This included the minimum levy of $2,170,200 and a special levy of 5627,723. The Council chose to collect a special levy for FY 1997-98 in order to accelerate construction of the Riverfront Park. _ ~ _ . For FY 1998-99, there are two major projects that need funding in the Riverfront/Downtown area. First, the City Council has committed, through the Property Tax Management Plan, to set aside 5800,000 for projects related to Courthouse Square. (5400,000 was set aside in 1997-98; 5800,000 was agreed to be set aside in both FY 1998-99 and 1999-2000). Secondly, completion of Phase 2B of the Riverfront Park is estimated to need about S 1.9 million in additional property tax revenue in FY 1998-99 in orde~ to start construction in the spring of 1999. Therefore, the total needed for these two projects in 1998-99 is 52,651,880 as shown below: Courthouse Square $ 800,000 Riverfront Park - Phase 2B 1.851.880 52,651.880 Attachment 4C shows the various urban renewal funding options for the Rive~front/Downtown a~ea. Staff is recommending that the maximum levy under Option 1 be assessed. It would p~ovide an estimated 53,083,165 (maximum amount of 53,315,230 less discounts and delinquencies), enough to fund both the City's FY 1998-99 commitment to Courthouse Square and Phase 26 of the Riverfront Park. It would also provide 5431,285 to complete other projects identified in the Riverfront/Downtown urban renewal plan. It is estimated that collecting the maximum special levy would result in a tax rate of 50.1917 or $19.17 on a home valued at S 100,000. An alternative would be to collect the minimum levy under Option 1. This would mean that the Urban Renewal Agency would be about 5570,000 ~hort of funding the completion of Phase 2B of the Riverfront Park on a pay-as-you-go basis. The Council could either defer Phase 2B for an additional year or incur debt. In future years, Riverfront/Downtown u~ban renewal funds will be needed to complete projects identified in the Downtown Core Master Ptan and the North Downtown Plan, as well as make bridge access available bstween Wallace Marine Park, Riverf~ont Park and Minto Brown Island Park. One of the more prominent projects in the Downtown Co~e Master Plan is construction of a conference center in cooperation with a private hotel development. , Becommendation: Staff recommends that the City Council select Option 1 and coflect the maximum special levy for the Riverfront/Downtown urban renewal area. This will meet the Urban Renewal Agency's commitment to set aside 5800,000 for the Courthouse Square project and provide S 7.9 million to complete Phase 2B of the Riverfront Park on a pay-as-you-go basis. 30