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Downtown Debt Allocations

Downtown Debt Allocations . Commissions have a history of non-voted public debt . Meant only for capital improvements that benefit the health of the City – now and in the future Cannot be spent for operating expenses. Non-Voted Debt Borrowing for Improvements.

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Downtown Debt Allocations

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  1. Downtown Debt Allocations

  2. Commissions have a history of non-voted public debt • Meant only for capital improvements that benefit the health of the City – now and in the future • Cannot be spent for operating expenses

  3. Non-Voted Debt Borrowing for Improvements • 1996: Airport $283,000 • 1998: Golf Course and Marina $727,000 • 1999: Marina $611,111 • 2000: Rec Land and PD Bldg. $2,244,000 • 2001: Marina $191,000 • 2003: Utility Bond for WW $32,985,000 • 2004: Marina and WW bond $7,380,000 • 2005: GC, Marina, and refi. $9,005,000 • 2007: Airport Hangars $850,000 • 2008: Golf Carts $292,631 • 2009: Marina $1,300,000 • 2010: Water Futures and refi. $11,811,000 • 2011: F2 $1,884,000 • TOTALwithout refinancing $57,600,242

  4. Disposition of F2 Money • Total of $1,848,000 borrowed at 2.4% for a limited number of projects • $98,004.33 currently uncommitted • A very small portion (<0.55%, or <55 cents on $100) of franchise fees goes to repaying the debt service

  5. The City’s Depot commitment will be matched by the TDC and Restoration Foundation

  6. Forward Fernandina in a Nutshell • Borrowed: $1,884,000 • Less spent to date: $84,463 • Less total commitments: $99,966 • Less 12/13 Budgeted Uses: $1,570,000 • Leaves $98,004

  7. The Cost of Crossings • Of the $750,000 for crossings • $225,000 for Centre Street • $225,000 for Ash Street • $300,000 for Alachua Street • Only $75,000 more for opening the street

  8. The Current State of Downtown

  9. Centre Street Crossing

  10. Ash Street Crossing

  11. Alachua Street Crossing, with Prep Work

  12. The Depot

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