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City Council <br />Meeting Minutes February 20, 2020 <br />• Blanco Vista TIRZ was created in 2005 for the construction of a bridge over <br />the railroad tracks at Yarrington Road <br />• Total amount owed developer was $9.6M <br />• Interest equal to Prime rate plus V2% (currently 4.75%) paid on outstanding <br />principal since completion in 2008 <br />• Slower than expected growth in the early years lead to payments being <br />applies to a total of $5.67M in interest <br />• FY2020 payment of an estimated $1.5M will pay down approximately $945K <br />of principal <br />TIRZ #2 Refinance Recommendation: <br />• Negotiate a payoff with developer <br />• Issue debt at a lower interest rate to pay off amount owed to developer <br />• Use proceeds from TIRZ increment to pay debt service — no effect on General <br />Fund capacity <br />• Dissolve or repurpose TIRZ <br />• Future growth will create capacity in General Fund and full capacity will <br />move in General Fund when debt is paid <br />Additional General Fund considerations that have been requested or discussed: <br />• Emergency Medical Services (EMS) expansion of service <br />• Transition Municipal Court Judge from part time to full time <br />• Sustainability <br />• Youth Services Funding <br />• Historic Preservation <br />Ms. Neel discussed the Enterprise Fund Revenue. Model rates over a multi year <br />period will be utilized to determine required adjustments: <br />Operations & Maintenance <br />Capital Needs & Existing debt Obligations <br />Current and future infrastructure needs <br />Increase rates in small increments over time to meet future needs <br />Other forecasting assumptions: <br />• Hotel Occupancy rates show favorable growth <br />• Stormwater rate study <br />• Transit cost per hour <br />Upon completion of the Presentation, Council provided direction on the <br />City of San Marcos Page 4 <br />