Agenda Date: 01/10/2017
Subject:
Title
Discussion of options on repayment of LIFT debt to the City - PRESENTED TO COUNCIL ON 01/10/2017
Body
Presented By:
Mike Braaten, Deputy City Manager
THIS STAFF COMMUNICATION IN IT'S ENTIRETY WAS PRESENTED TO CITY COUNCIL ON 01/10/2017 - THIS IS FOR INFORMATION PURPPOSES.
BACKGROUND:
At the December 6, 2016 regular meeting, city council voted to repeal three urban renewal plans, keeping only the Columbine Square Urban Renewal Plan intact. Council also approved retaining the city's urban renewal authority, Littleton Invests for Tomorrow (or LIFT), as the administrator of the remaining urban renewal plan.
The three urban renewal plans that were repealed were the Santa Fe, Littleton Boulevard and North Broadway plans. Council now needs to provide direction to LIFT pertaining to debt owed to the city and options on returning the property tax to the originating taxing entities for the repealed plan areas.
Staff has provided three attachments to this memo. The first reviews the available fund balances for LIFT. The second shows five options for repayment using LIFT's available fund balances. The third is the Cooperation and Loan Agreement between the city and LIFT, adopted December, 2014.
LIFT's available funds currently total $409,336; this includes $33,101 in the operational account and $376,326 collected in property tax and sales tax increment and associated interest.
Additionally, the city's finance department has revised the sales tax increment estimate for LIFT for 2016/2017 to $82,000. The $82,000 estimate is derived from the Columbine Square ($42K) and Littleton Boulevard ($40K) plans and not yet included in LIFT's available funds as noted above; however, these amounts are included in the repayment options mentioned below and provided as an attachment. Sales tax increment was generated from Littleton Boulevard through November 2016 prior to being repealed in early December, 2016. The plan area is es...
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