Agenda Date: 11/12/2019
Subject:
Title
"Littleton Invests For Tomorrow" (LIFT) and city loan
Body
Prepared by:
Mark Relph, City Manager
PURPOSE:
City council met with the "Littleton Invests for Tomorrow" (LIFT) Board on October 22nd to review and discuss the LIFT proposal for continuing the Columbine Urban Renewal Area (CURA). This study session is intended for council to consider that October discussion and provide direction on whether or not to continue the mission of LIFT; and if so the corresponding decisions related to the Cooperation and Loan Agreement (CLA) with LIFT.
PRESENTATIONS:
Staff Presenter(s): Mark Relph, Reid Betzing, Tiffany Hooten
Additional Presenter(s): N/A
SUMMARY:
The city provided a loan to LIFT that comes due on December 16, 2019. The principal and interest due on the loan is $154,443.75. Council will need to take formal action with the CLA prior to that date if the loan is to be extended in any form. LIFT currently holds $427,739.31 in cash as of September 30, 2019.
LIFT has refunded property taxes collected from the three urban renewal areas (URAs) that were repealed in 2016 (Littleton Blvd, Broadway and Santa Fe), but still retains the sales tax increment from those same three URAs. While it may be legal to retain and spend those funds in the CURA, it is ultimately council's decision on whether LIFT should keep those funds for their current project or remit them back to the city. It is staffs' opinion that the intent at the time the other URAs were dissolved was to return those funds; although nothing appears to be explicitly stated in the repeals of those URAs. As it is, LIFT has continued to retain those amounts. Those past three URAs sales tax increments are valued at $134,998.00. The amount of sales tax increment collected on CURA is $247,111.00.
Staff would suggest the following questions be considered at the study session:
1. Should the mission of LIFT continue beyond 2019?
2. If yes, then the CLA must be modi...
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