Tax Increment Finance Authority

APPROVED 07/24/2019 TAX INCREMENT FINANCE AUTHORITY MINUTES JUNE 26, 2019 THE MEETING OF THE TAX INCREMENT FINANCE AUTHORITY WAS CALLED TO ORDER AT 7:00 P.M., ON WEDNESDAY, JUNE 26, 2019, BY VICE CHAIRMAN HEBEL Present: Ball, Hebel, LaFore, Reindel, Absent: Garant, Ruff, Yelencich Others: Director Moore, City Clerk Stagl Visitors: None. Motion by Ball, seconded by Reindel, to excuse Authority Members Garant, Ruff and Yelencich from tonight’s meeting. All yeas Motion passes APPROVAL OF MINUTES Motion by Reindel, seconded by Ball, to approve the minutes from April 24, 2019, as presented. All yeas Motion passes APPROVAL OF BILLS Motion by LaFore, seconded by Reindel, to approve the Schedule of Bills dated May 2, 2019, in the amount of $1,596.05; Schedule of Bills dated May 16, 2019, in the amount of $10,407.17; Schedule of Bills dated May 30, 2019, in the amount of $4,078.72; Schedule of Bills dated June 13, 2019, in the amount of $12,684.28; Payroll Expense for April in the amount of $2,626.96 and Pay Expense for May in the amount of $2,468.05. All yeas Motion passes CORRESPONDENCE Revenue and Expense report for April 2019 Revenue and Expense report for May 2019 City Council Meeting Minutes of April 1, 2019 Page 1|4 TIFA: 04/24/2019  APPROVED 07/24/2019 City Council Meeting Minutes of April 15, 2019 City Council Meeting Minutes of May 6, 2019 City Council Meeting Minutes of May 20, 2019 City Council Meeting Minutes of June 3, 2019 Received and Filed the Correspondence as presented. PUBLIC COMMENTS None ADOPTION OF AGENDA Motion by LaFore, seconded by Ball, to adopt the Agenda as presented. All yeas Motion passes ITEMS FOR CONSIDERATION 1. Review and Approval of Proposed TIFA Budget for FY2019-20 Director Moore briefed the Authority on the proposed FY2019-20 budget. The TIFA tax base sharing agreement for FY19/20 has been reduced from 18% in the current budget to 15% in the proposed budget. This will leave more revenues in the TIFA Fund. It is anticipated that the year end fund balance as of June 30, 2019 will be $400,199. The estimated fund balance for June 30, 2020 is $436,850. In the Equipment acquisition line item, funds were budgeted for new Christmas decoration and for the replacement of the City Hall/Police Department Lobby Furniture. The General Fund is handling the expense of replacing the Community Room Furniture. Funds were also included for lighting to enhance the atmosphere of the downtown areas. Funds are budgeted for DPW wages for the personnel to hang the seasonal banners and watering the Streetscape flowers. Funds for the façade program was slightly reduced. Funds were budged for an additional set of banner poles and for traffic calming tools. Funds were budgeted for other projects such as: property acquisition, parking development, switching out the remaining conventional lights to LED lights in the Fire Page 2|4 TIFA: 04/24/2019  APPROVED 07/24/2019 Hall and DPW building and also TIFA’s portion of the DPW Chain Link Fence Project and converting the City Hall/Police Department parking lot lights to LED. Motion by Reindel, seconded by LaFore, to approve the FY2019-20 Budget as presented. All yeas Motion passes 2. Approval of TIFA Tax Base Sharing Agreement Motion by LaFore, seconded by Ball, to approve the Captured Assessed Value Sharing Agreement between the City of Richmond TIFA and the City of Richmond for Fiscal Year 2019-20 and authorize the TIFA Director to sign the agreement. All yeas Motion passes 3. Bid Award/Streetscape Sign Package Motion by Reindel, seconded by Ball, to award the Richmond Signs 2019 contract to JL Geisar Sign Company in the amount of $52,890 and authorize the TIFA Director to sign the contracts. All yeas Motion passes MISCELLANEOUS MATTER FROM THE DIRECTOR - Included in the packet is a thank-you from RAHGS. - The Heritage Festival will be this weekend in the Historic Park - Discussions have started regarding moving the Tree Lighting/Santa Parade from Friday to Saturday and changing the location to Maniaci’s banquet center. Also discussed shortening the parade route. CHAIRMAN AND AUTHORITY MEMBERS None. Page 3|4 TIFA: 04/24/2019  APPROVED 07/24/2019 ADJOURNMENT Motion by Reindel, supported by Ball, to adjourn the Tax Increment Finance Authority meeting at 7:30 p.m. All yeas Motion passes Respectfully Submitted: Karen Stagl City Clerk Page 4|4 TIFA: 04/24/2019