Title
Consider a resolution approving the FY 2018-2019 Operating Budget for the Round Rock Transportation and Economic Development Corporation.
Body
The Round Rock Transportation and Economic Development Corporation budget is funded from a 1/2% sales tax established for the purposes of providing transportation improvements and economic development activities.
The FY2018-2019 Operating Budget will provide funding for debt service and administrative, financial, legal and engineering services, economic development activities and transportation improvements of the Round Rock Transportation and Economic Development Corporation.
The amount allocated to Economic Development purposes includes economic incentive payments, the annual contract with the Chamber of Commerce, and downtown improvements and marketing. The businesses that currently receive Economic Incentive Payments (EIP) from the Type B fund are included in this item.
Although the budget is presented as a five-year outlook, the budget is adopted on an annual basis. FY2019 is summarized as follows:
Transportation
Programmed TCIP - $17.2 million
Debt service payment - $3.9 million
Other transportation costs - $1.6 million
Economic Development
Chamber contract - $535,000
Downtown improvements maintenance & marketing - $1.3 million
Committed EIP - $598,000
Kalahari
Debt proceeds to fund Kalahari onsite public improvements and construction of the convention center, offsetting debt service payments, and the capital costs associated with this project will flow through Type B. Debt issuance of $22.5 million is projected for FY2019 for construction of the Convention Center.