Title
A RESOLUTION APPROVING THE SUMMIT FAIR COMMUNITY IMPROVEMENT DISTRICT BUDGET FOR FISCAL YEAR ENDING JUNE 30, 2017
Body
Issue/Request:
A resolution approving the Summit Fair Community Improvement District Budget for Fiscal Year ending June 30, 2017.
Key Issues:
The Cooperative Agreement with Summit Fair Community Improvement District requires the City to review and approve the District's Annual Budget.
The District has submitted its budget for Fiscal Year 2017 with total revenues of $1,262,478, which includes $727,624 from CID Sales Tax and $534,854 from CID Special Assessments.
The District proposes Expenditures of $1,262,478, comprised of $363,812 of EATS payments to the Summit Fair TIF, $848,666 pledged to pay District Bond Obligations, and $50,000 retained to pay Administrative Costs of the District.
The 2017 Budget expects a 1.39% increase in both Revenues and Expenditures.
In addition, the District submitted a Budget for Summit Place Project for the Fiscal Year ending June 30, 2017. The District anticipates receiving $6,786,692 from the Developer of the Summit Place Project during the fiscal year, and, anticipates expenditures of $6,786,692 for items related to the development of the Summit Place Project Areas (2a and 2b). No CID Sales Tax Revenues, or bond proceeds are projected to be received for the Summit Place Project during the Fiscal Year ending June 30, 2017.
Proposed Committee Motion:
I move to recommend to the City Council approval of a resolution approving the Summit Fair Community Improvement District budget for the Fiscal Year ending June 30, 2017.
Proposed City Council Motion:
I move for second reading.
I move for adoption.
Background:
The District was formed in 2008 to provide funding for infrastructure improvements and other services within the boundaries of the District. The District utilizes a one percent sales tax and real property special assessment of $1.24 per square foot of businesses located in the Summit Fair sh...
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