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5. The City Manager has designated Andrew Mack, Director of Planning and Community <br />Development to serve as the staff liaison to this board, with the assistance of Cheri Bedford, <br />Main Street and Historic Preservation Officer. The mission of this board best lines up with <br />the responsibilities and duties of these two positions. <br />6. Attorney Department will, assuming completion of the items on tonight's agenda, notify <br />the State Comptroller's Department of the creation of the TIRZ Fund. <br />The goal of tonight is to: <br />1. Review and consider approving an amendment to Ordinance 2019-045 to revise the legal <br />description establishing the boundaries of the TIRZ. <br />2. Review and consider approving the revised TIRZ Board Bylaws as were determined by the <br />City Council in early 2020. <br />3. Review and consider approving the appointment of Rob Vine and Thomas McMonagle as <br />city staff appointments to the board, and to authorize the advertisement of three non- <br />employee positions to serve on the TIRZ Board. <br />The remainder of the Ordinance, Project Plan and Financial Plan remain unchanged by tonight's <br />recommendations. As a point of interest, the TIRZ calls for these funds to be used as identified in <br />Exhibit D of the Project Plan. In summary, they are dedicated to public improvements of the <br />downtown area. Upon creation of the new TIRZ Board, a deeper dive in to the procedures for <br />accessing these funds will be done at that time. <br />BUDGET: <br />The TIRZ is funded as described in Sections 12 and 13 of the Project Plan, which state: <br />Section 12 — "The captured taxable value of the Zone — taxable by the City for a year is <br />the total taxable value of the Zone for that year less the tax increment base of the Zone. <br />The tax increment base of the Zone is the total taxable value of the Zone for the year in <br />which the Zone was designated. " (The year designated was 2019.) <br />Section 13 — "Project costs will be financed through loans advanced by Developers, <br />property owners, the City of Paris or by bonds which may be issued and utilize tax <br />increment funds for either direct reimbursement or to support bond debt service as those <br />funds are available. The revenue sources will be the real property taxes captured by the <br />TIRZ, which will account for 100% of revenues used to fund Project and Administrative <br />