DOWNTOWN DEVELOPMENT AUTHORITY (ODA) MT. CRESTED BUTTE, CO REGULAR MEETING. October 6, :00 PM Council Chambers. Call to Order - 4:00 PM

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1 DOWNTOWN DEVELOPMENT AUTHORITY (ODA) MT. CRESTED BUTTE, CO REGULAR MEETING October 6, :00 PM Council Chambers Call to Order - 4:00 PM Roll Call Present Gary Keiser Michael Kraatz Todd Barnes Al Smith Chip Christian Allen Cox - appeared via phone Absent Jamie Watt Also present were Joe Fitzpatrick, Karl Trujillo, Bill Ronai and Tiffany O'Connell. Correspondence - none Approval of the April 7, 2014 Meeting Minutes. Chip Christian made a motion to approve the April 7, 2014 meeting minutes and Michael Kraatz seconded it. The balance of the DDA in attendance approved the motion. Reports- Financial Update-Karl Trujillo started by stating the DDA has received $35,534 year to date from the Adventure Park. The budgeted amount is $23,000. The DDA should also be receiving approximately $8,000 for the sales tax increment. This will be a first time in I 0 years that sales tax has been up enough to do this transfer. The Shared Revenue with the Adventure Park will end on December 31, Also, the bond payments will end in 2018 which will put another $296,000 back into the DDA budget. The DDA has given the Mt. Crested Butte Performing Arts Center ("MCBPAC") $830,350 for the architects and design documents. This amount was agreed upon in the Revised Development Agreement for the Mt. Crested Butte Performing Arts Center, in which the DDA said they would pay half of this cost. Adventure Park Update - Nick Herrin with Crested Butte Mountain Resort ("CBMR") gave an update on the Adventure Park. All the activities other than the Bungee Jump and Air Bag Jump were up at least by 5%. Mini golf is up by 37%. This is probably due to all of the rain we have received this summer. The Bungee Jump's motor broke and so they were only running one jump for one and a half weeks in early July. The Zip Line is usually only done by visitors one time. The Zip Line was up 14% this year which means that new people are visiting the area. For the winter the Adventure Park is bringing back lift served tubing by adding a new magic carpet. They are also looking to reduce the mini golf from 18 holes to 9 holes. This way they will be able to put the Bungee Jumps under the roof where the mini golf is and so weather will not factor into people not being able to jump. Thinking ahead ideas have been floated around regarding new summer activities. CBMR would like to consider adding in some activities that are free to participants in order to keep people in the base area longer. Ideas are large scale kids' games such as, large size Jenga, a chess board, an archaeological dig and additional shelters for the

2 DOWNTOWN DEVELOPMENT AUTHORITY (DDA) MT. CRESTED BUTTE, CO REGULAR MEETING October 6, :00 PM Council Chambers parents while the kids play. Other ideas for structures are summer bumper tubing or gem mmmg. Old Business - Biery-Witt Center Update - Joe Fitzpatrick started this discussion by stating that Studio Red Architects along with Sunlight Architecture have been selected as the design team for the performing arts center. Studio Red has a lot of experience in building performing arts centers. MCBPAC has also switched from building a performing arts center to an event center. The stage in the building is now a focal point for the audience. When the audience sits down they will be able to look out a massive picture window that frames Mt. Crested Butte. The floor and seating area is adjustable, meaning the chairs can be retracted and a flat floor will be put in place to allow for banquets, weddings, receptions and meeting space. Joe Fitzpatrick has also talked to the American Planners Association, who were in Mt. Crested Butte for a meeting last week, and they are excited about the new, more flexible meeting space. A contractor has been picked and the MCBP AC is hoping to break ground next summer. There will also be room in the Biery-Witt Center for approximately 800 to 900 PO Boxes, which should make many residents of Mt. Crested Butte happy. The MCBPAC is still focusing on fundraising. They are taking the fundraising efforts on the road this fall and winter and hoping to do some fundraising in Oklahoma and Texas. Gary Keiser said that Studio Red brought in the best theater and acoustical planning team in the country. They have also hired cost experts. The MCBPAC is spending more money up front with the planning aspect in order to save money in the long run. Al Smith asked if the center would have a commercial kitchen. Joe Fitzpatrick said, no only a catering kitchen. Bill Ronai said that they have raised $8.3 million in private fundraising and they would like to borrow money to help bridge the gap of when the money is actually scheduled to come in so that they can start construction. They have been discussing a construction loan with different banks and have also had discussions with the USDA regarding financing after the building has been constructed. The USDA does not allow for construction financing. The USDA is asking the MCBPAC for a Preliminary Architects Report and a Financial Feasibility Report. The Preliminary Architects Report has been prepared and was submitted last week. The Financial Feasibility Report should be submitted by the end of October. New Business- Discussion and Possible Consideration of Resolution No.I, Series 2014: A Resolution of the Town of Mt. Crested Butte, Colorado Downtown Development Authority Board of Directors, recommending to the Town Council of the Town of Mt. Crested Butte, Colorado the approval by ordinance of the extension of the Town of Mt. Crested Butte, Colorado Downtown Development Authority for twenty (20) years during the final ten years of the thirty (30) year period of the Mt. Crested Butte Downtown Development Authority - Gary Keiser began this discussion with a re-cap of the Motion that was made at the April 7, 2014 meeting regarding the DOA helping to fund the Mt. Crested Butte Performing Arts Center. The DOA is currently set to expire in 2025 and in order to help with funding the MCBPAC the DOA would like to continue another 20 years. The Mt. Crested Butte Town Council has to approve the continuation but the Town Council is not allowed to discuss this until the ODA is in their last

3 DOWNTOWN DEVELOPMENT AUTHORITY (DDA) MT. CRESTED BUTTE, CO REGULAR MEETING October 6, :00 PM Council Chambers I 0 years. The DDA would like to approve Resolution 1, Series 2014 to show the Town Council, when it is time, they want to continue. MOTION: Al Smith made a motion to approve Resolution No.I, Series 2014: A Resolution of the Town of Mt. Crested Butte, Colorado Downtown Development Authority Board of Directors, recommending to the Town Council of the Town of Mt. Crested Butte, Colorado the approval by ordinance of the extension of the Town of Mt. Crested Butte, Colorado Downtown Development Authority for twenty (20) years during the final ten years of the thirty (30) year period of the Mt. Crested Butte Downtown Development Authority. Michael Kraatz seconded the motion. Discussion: There was no discussion. Vote: Gary Keiser, Michael Kraatz, Todd Barnes, Al Smith and Chip Christian approved the motion. Allen Cox was not allowed to vote as he appeared by phone. Approval of the 2015 Downtown Development Authority Budget - Karl Trujillo presented the proposed 2015 Downtown Development Authority Budget. Karl Trujillo stated that the majority of the income will go towards the DDA's commitment to the MCBPAC leaving a balance of $20,000 at the end of the year. Chip Christian stated that $20,000 seemed awfully low. Karl Trujillo replied that the money will start quickly coming in again in January of MOTION: Chip Christian made a motion to approve the 2015 Downtown Development Authority Budget. Al Smith seconded the motion. Discussion: There was no discussion. Vote: Gary Keiser, Michael Kraatz, Todd Barnes, Al Smith and Chip Christian approved the motion. Allen Cox was not allowed to vote as he appeared by phone. Board Member Term Expirations-Al Smith and Jamie Watts terms expired in June If you would like to continue to be on the board please submit a letter of interest to the Town Council by October 16, Other Business - Adjourn - With no other business Chip Christian made a motion to adjourn the meeting and Gary Keiser seconded the motion. The balance of the DDA in attendance approved the motion and the meeting was adjourned at 5:20 pm. Ck,~

4 DOWNTOWN DEVELOPMENT AUTHORITY (ODA) MT. CRESTED BUTTE, CO REGULAR MEETING October 6, :00 PM Council Chambers 4:00 PM Call Meeting to Order Roll Call Correspondence AGENDA REPORTS OLD BUSINESS NEW BUSINESS Approval of the April 7, 2014 Meeting Minutes Financial Update - Karl Trujillo Adventure Park Activity Report - Nick Herrin Biery-Witt Center at Mt. Crested Butte Update - Joe Fitzpatrick Discussion and Possible Consideration ofresolution No.I, Series 2014: A Resolution of the Town of Mt. Crested Butte, Colorado Downtown Development Authority Board of Directors, recommending to the Town Council of the Town of Mt. Crested Butte, Colorado the approval by ordinance of the extension of the Town of Mt. Crested Butte, Colorado Downtown Development Authority for twenty (20) years during the final ten years of the thirty (30) year period of the Mt. Crested Butte Downtown Development Authority - Joe Fitzpatrick Discussion and Possible Consideration of the Approval of the 2015 Downtown Development Authority Budget - Karl Trujillo and Joe Fitzpatrick Board Member Term Expirations - Al Smith and Jamie Watt OTHER BUSINESS ADJOURN If you require any special accommodations in order to attend this meeting, please call the Town Hall at at least 48 hours in advance of the meeting. Public comment on these agenda items is encouraged.

5 DOWNTOWN DEVELOPMENT AUTHORITY (DOA) MT. CRESTED BUTTE, CO REGULAR MEETING April 7, :00 PM Council Chambers Call to Order - 4:00 PM Roll Call Present Gary Keiser Jamie Watt Allen Cox Todd Barnes Al Smith Chip Christian - arrived at 4:07 pm Absent Michael Kraatz Also present were Joe Fitzpatrick, Karl Trujillo, Woody Sherwood, Bill Ronai and Tiffany O'Connell. Correspondence - none Approval of the December 2, 2013 Meeting Minutes. Allen Cox made a motion to approve the December 2, 2013 meeting minutes and Al Smith seconded it. The balance of the DOA in attendance approved the motion. Old Business - None New Business - Discussion and Possible Consideration of Alteration to Funding Method for the Mt. Crested Butte Performing Arts Center Project; Bill Ronai, Mt. Crested Butte Performing Arts Center Board Member and Woody Sherwood, Executive Director. - Gary Keiser started this agenda item by explaining that the Mt. Crested Butte Performing Arts Center ("MCBPAC") has raised nine (9) million dollars in private money. The Campaign Committee continues to work on fundraising and they have created two other committees, the Building Committee and the Finance Committee. Scott King is chairing the Building Committee. The Building Committee has reviewed 20 proposals from architects to design the MCBP AC and they have narrowed it down to four companies that they will be inviting to Mt. Crested Butte for further discussion. The Finance Committee is chaired by Bill Ronai and they have been creating a dynamic model to show cash flow, fundraising and the building of the MCBPAC. This model will allow them the ability to determine how much cash they will have on hand to start the construction process. The MCBP AC is looking to borrow money from a lender so that they can start the construction process sooner, rather than having to wait five years for the fundraising pledged money to come it. Bill Ronai stated that the original plan was for the DOA to borrow six (6) million dollars by issuing bonds and then provide the six (6) millions dollars to the MCBPAC. But now due to the DDA's drop in assessed valuation the ODA is not in a position to borrow six (6) million dollars. After reviewing multiple DOA Financing scenarios Allen Cox made the following motion.

6 DOWNTOWN DEVELOPMENT AUTHORITY (DDA) MT. CRESTED BUTTE, CO REGULAR MEETING April 7, :00 PM Council Chambers MOTION: Allen Cox made a motion to adjust the DDA's financial commitment to the Mt. Crested Butte Performing Arts Center from a $6,000,000 DOA Bond, for which the ODA was committed to paying the Bond underwriting costs, interest, and principal, to a $7,800,000 cash commitment, paid to the Mt. Crested Butte Performing Arts Center over the remaining life of the ODA, contingent upon the approval of the Mt. Crested Butte Performing Arts Center obtaining financing for the Performing Arts Center. Al Smith seconded the motion. Discussion: Al Smith asked ifthere the DOA has already committed themselves to other financial obligations that we are forgetting about. Joe Fitzpatrick said that the DOA 's first priority is committed to the MCBPAC and if there is any money left over the recommended priority is parking. Chip Christen asked Gary Keiser if the DOA is going to be spending more money than originally planned. Gary Keiser said no, the end numbers will be the same. Gary Keiser also stated that with the current pledges in place the MCBP AC will begin the building process very soon. Vote: Gary Keiser and Todd Barnes abstained from voting as they also sit on the Mt. Crested Butte Town Council and this motion will have to be brought before the Town Council as well. Jamie Watt, Al Smith, Allen Cox, and Chip Christian all approved the motion. Bill Ronai said that the USDA loan they are pursing is a 30 year loan. One of the assumptions for this loan is that the DOA will be extended for another 20 years and then the ODA funds will continue to flow through to the MCBPAC. Joe Fitzpatrick said that the ODA is currently set to expire in 2025 with funds still coming in, in With the current legislation the DOA may be extended for another 20 years. The Mt. Crested Butte Town Council has the authority to do this and it must be done by ordinance. The DOA extension cannot occur any earlier than The Tax Increment Financing base year, currently 1996, will be reset to the new base year of 2005 in the year 2026 if the DOA is extended. This base year will last for 10 years and then advance one year, each year. So in 2036 the base year will be 2006, in 2037 the base year will be 2007, etc. During the 20 year extension, 50% of the tax increment will be paid to the ODA; negotiating for additional funds from government taxing bodies is an option as well. From where we sit today it is extremely challenging to project what the DOA cash flow will be during the 20 year extension of the DOA. Other Business - Adjourn - With no other business Chip Christian made a motion to adjourn the meeting and Todd Barnes seconded the motion. The balance of the ODA in attendance approved the motion and the meeting was adjourned at 5:1 lpm. Gary Keiser, Chair Attest: ~~~~~~~~~~~~ Tiffany O'Connell, Recording Secretary

7 TOWN OF MT. CRESTED BUTTE llal.ance SHEET SEPTEMBER 30, 2014 ODA FUND ASSETS CASH COMBINED FUND 947, TAXES RECEIVABLE CURRENT 423, TOTAL ASSETS 1,370,Da1.05 LIABlLmES AHO EQUITY LIABILmES DEFERRED REVENUE 423, TOTAL LIABILmes -42U4D.OO FUND EQUITY UNAPPROPRIATED FUND BALANCE FUND BALANCE BEGINNING OF YR REVENUE OVER EXPENDITURES YTO 905, ) BALANCE CURRENT DATE 947, TOTAL FUND EQUITY 1147,1'1 OS TOTAL LIABILmES AHO EQUITY 1,370, FOR ADMINISTRA TIOH USE ONLY 75 % OF THE FISCAL YEAR HAS ELAPSED 10/02/ DOPM PAGE 32 4

8 TOWN OF MT. CRESTED BUTTE REVENUES WITH COMPARISON TO BUDGET FOR THE 9 MONTHS ENDING SEPTEMBER DDAFUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEARNED PCNT REVENUES 11() SHARED REVENUE & INT INCOME 25, , ~ 300 SALESTAXINCREMENTTRANSFER.00,00 ID J0'301 PROPERTY TAX INCREMENT 3, ODA INTEREST FROM INVESTMENTS.oo.00 TOTAL REVENUES 29,533'47 520, , ,534.lO > , ,000.DO.D 423,HD.DO l!0,41d.15) , ,00000.o '157,840.DO 82,114H5) TOTAL FUND REVEHUE 29,63347 &20, ,84000 ( ) FOR ADMINISTRATIOH USE ONLY 75 % OF THE FISCAL YEAR HAS ELAPSED 10/02/ PM PAGE 33 5

9 TOWN OF MT CRESTED BUTTE EXPENOnURES WITH COMPARISON TO BUDGET FOR THE I MONTHS ENDING SEPTEMBER 30, 2014 DOA FUND PERIOD ACTUAL YTO ACTUAL BUDGET UNEXPENDED PCNT EXPENSES lllmcj.113 CONTRACT SERVICES &M0.500 PAC IMO TRANSFER TO DOA DSF TOTAL EXPENSES,DO.OD 830, , , m, , 124, ,129,3~00 10,000 DO 10,00000.o 500,000DO oo I 1se , , , ) TOTAL FUND EXPENDITURES 1, 128, ,126,350 DO 108,000.llO ( 320, ) NET REVENUE OVER EXPENOfTURES 1,098, ) ( 605, ) ( 341,180CD) 257, (173 I) = FOR ADMIHISlRATION USE ONLY 75 % OF THE FISCAL YEAR HAS ELAPSED 10/02/201'4 01 OOPM PAGE 34 &

10 TOWN OF MT CRESTED eune BALANCE SHEET SEPTEMBER JO, 2014 ODA DEBT SERVICE FUND ASSETS -=== CASH COMBINED FUND TOTAL ASSETS mso su1,m.so UABIUTIES AND EQUITY FUNOEOUrTY UNAPPROPRIATED FUND SAV.NCE FUND BALANCE BEGINN1HG OF VR REVENUE OVER EXPENDITURES YTD BAINICE CURRENT DATE TOTAL FUND EQUITY TOTAL UABllmES AND EQUrTY 2411, , s1e,m.l50 s1e.m.so s1e.m.so FOR AOMINISTRATIOH US! OHLY 75 % OF THE FISCAL YEAR HAS ELAPSED n4 01 DOPM PAGE. 29 7

11 TOWN OF MT CRESTED BUTTE REVENUES wrth COMPARISON TO BUDGET FOR THE 11 MONTHS ENDING SEPTEMBER DOA DEBT SERVICE FUND PERIOD ACTUAL YTDACTUAL BUDGET UNEARNED PCNT OTHER FINANCING SOURCES 711 3HOO TRANSFERS IN 2911, , H,OOOOO.DO 1000 TOTAL OTHER FINANCING SOURCES 2N,OOOOO 296,0000D 2911, D TOTAL FUND REVENUE 296, , Cl,OOOOO FOR ADMINISTRATION USE ONl Y 75 % OF THE FISCAL Y!AR HAS ELAPSED 10/02/ OOPM PAGE. :SO I

12 TOWN OF MT. CRESTED BUTTE EXPENDITURES WITH COMPARISON TO BUDGET FOR THE 11 MOffTHS ENDING SEPTEMBER 30, :!014 DOA DEBT SERVICE FUND PERIOD ACTUAL YTD ACTUAL BUDGET UNEXPENDED PCNT EXPENSES PRINCIPAL RETIREMENT 78"' INTEREST PAYMENTS TOTAL EXPENSES,00,DO.00 28, , , ,00000,0 se, , ,000,00 297, TOTAL FUND EXPENDrTURES.00 28, ,00D.DO 267,855.DO 11.5 NET REVENUE OVER EXPENDITURES 205, , DO ( 2e7,855.00).0 -- FOR ADMINISTRATION USE OHL Y 75 % OF THE FISCAL YEAR HAS ELAPSED 10I02J201o4 01 OOPM PAGE 31 g

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14 Ridership Stats. Silver Queen - Red Lady (Mt. Bike) - Red Lady (Hike) - Rock Climbing Wall - Mini Golf - Bungee Jump- Air Bag Jump - Total to Date 9/30/14 18,459 16,686 11,832 3,312 7,568 4,768 5,520 Variance to Last year up 5% up 20% up9% up 11% up 37% Down 12% Down 1% Avg. Jump/Guest - Bag Jump Zip Line Participants - 2,771 Up 14% '40UM'T-.afl ft'sge't

15 Red Lady-Average Rides/Guest for July Bike rides/guest 3.0 rides/guest 3.5 rides/guest 3.4 rides/guest Continued Stats. Mountain Bike Lessons Lesson, up 37% Mountain Bike Rentals - Up 24% Mountain Adventures - Total Participants 1,879 Up 5%,.QUN1'.at.W~

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17 Thinking Ahead What is the next Activity? What demographic do we need to focus on? What rounds out the Adv. Park Experience 7 Additional Shelters Bike Pump Track Chess Board Kids Games Archaeological Dig MOUtnal ~

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19 Adv. Park Gross Rev. Profit Fiscal Year July - Sept. Gross Profit: 15% to DOA: 2014 $203,887 $30, $93,243 $13,986.. OUlll1'AI etsoet

20 TOWN OF MT. CRESTED BUTTE, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY RESOLUTION NO. 1 SERIES 2014 A RESOLUTION OF THE TOWN OF MT. CRESTED BUTTE, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY BOARD OF DIRECTORS, RECOMMENDING TO THE TOWN COUNCIL OF THE TOWN OF MT. CRESTED BUTTE, COLORADO THE APPROVAL BY ORDINANCE OF THE EXTENSION OF THE TOWN OF MT. CRESTED eum, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY FOR TWENTY (20) YEARS DURING THE FINAL TEN YEARS OF THE THIRTY-YEAR PERIOD OF THE MT. CRESTED eum, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY. WHEREAS, the Town of Mt. Crested Butte, Colorado Downtown Development Authority has entered into a Development Agreement on December 15, 2009 and Amended and Restated on December 18, 2012, forming a public private partnership with the Crested Butte Music Festival for the purpose of forming the Mt. Crested Butte Performing Arts Center 501 (c) (3), approved December 2, 2010, to develop and construct the Bfery Wftt Center at Mt. Crested Butte; and WHEREAS, the Town of Mt. Crested Butte, Colorado Downtown Development Authority Board of Directors on April 7, 2014 approved and committed $7,800,000 to the Mt. Crested Butte Performing Arts Center for the development and construction of the Biery-Witt Center at Mt. Crested Butte; and WHEREAS, the Town of Mt. Crested Butte, Colorado Downtown Development Authority is scheduled to expire on 31 December 2025; and WHEREAS, the Town of Mt. Crested Butte, Colorado Downtown Development Authority desires to have an option to provide additional funding for the Biery-Witt Center at Mt. Crested Butte; and WHEREAS, Colorado Revised Statute , (3) (a) (IV) (A) provides that during the final ten years of the thirty-year period of the Town of Mt. Crested Butte, Colorado Downtown Development Authority, the governing body of the Town of Mt. Crested Butte, Colorado, the Town Council, may by Ordinance extend the Town of Mt. Crested Butte, Colorado Downtown Development Authority one additional extension of twenty (20) years. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN OF MT. CRESTED sum, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY BOARD OF DIRECTORS: l n

21 1. Recommend to the Town of Mt. Crested Butte, Colorado's governfng body, the Town Council, to approve the extension of the Town of Mt. Crested Butte, Colorado Downtown Development Authority, by Ordinance during the final ten years of the Town of Mt. Crested Butte, Colorado Downtown Development Authority, for a period of twenty (20) years. INTRODUCED, READ AND ADOPTED at a regular meeting of the Town of Mt. Crested Butte, Colorado Downtown Development Authority Board of Directors on the 6th day of October, TOWN OF MT. CRESTED BUTTE, COLORADO DOWNTOWN DEVELOPMENT AUTHORITY By: Gary Keiser, Chafrman Attest: By: Tiffany O'Connell, Deputy Clerk 2 11

22 TOWN OF MT. CRESTED BUTTE ODA FUND 2015 BUDGET Actual Projection Budget Budget Beginning Fund Balance $1,308,970 $1,552,707 $1,315,642 $948,892 Estimated Revenues Shared Revenue 23,056 37,535 23,000 37,500 Property Tax Increment 526, , , ,843 Interest Income 2,011 2,000 3,000 1,500 Sales Tax Increment 0 8,000 e.ooo 8,000 Total Revenues 552, , , ,843 Estimated Expenditures Contract Services 10,420 10,000 10,000 10,000 PAC , ,000 1,152,645 Taxing jurisdicuon Projects 36, Department Supplies Total Expenditures 48, , , ,645 Revenues over/under Exp. 503, ,815-52, ,802 Transfers To ODA OSF -260, , , ,090 Ending Fund Balance $1,552,707 $ $ $ ''

23 Department BO Downtown Development Authority (ODA) Revenues Shared Revenues and Interest Income Adventure Park shared revenues. The Shared Revenues end in Sales Tax Increment The Town of Ml. Crested Butte, in adopting the DDA's Plan of Development in 1996, agreed to provide the DOA with a sales tax increment. It is estimated that sales tax Increment in 2015 will be $8, Property Tax Increment The DOA property tax increment for 2015 is estimated lo be $482,843 based on the preliminary valuation provided by the County Assessor of $6,850 per mill and using an estimated mill levy of mills. The Mill Levy rose from in 2013 to in Expenditures 8Q Taxing Jurisdiction Projects The last payment was made in Transfer to ODA Debt Service Fund The ODA will transfer $296,090 to the ODA Debt Service Fund for the ODA Bond Pm ls Design and construction for the Performing Arts Center. BQ Acquisitions - None. 10

24 TOWN OF MT. CRESTED BUITE DOA DEBT SERVICE FUND 2015 BUDGET Actual Projection Budget Budget Beginning Fund Balance $248,500 $245,922 $248,500 $245,632 Estimated Expenditures Principal ReUrement 195, , , ,000 Interest Payments 64,578 56,290 56,000 46, Total Expenditures 259, , , ,090 Other Financing Sources/(Uses) Transfers Inn 257, , , ,090 Ending Fund Balance $245,922 $245,632 $212,500 $245,632 21

25 Department78 Downtown Development Authority (ODA) Debt Service Fund Revenues Properly Tax Increment Transfer from DDA Operating Fund Transfer from ODA Operating Fund to make Bond Pmts. Expenditures Principal Retirement Payment of the principal portion of the $2,485,000 Tax Increment Revenue Boncl. The last payment Is In the year Interest Payments Payment of the Interest portion of the $2,485,000 Tax Increment Revenue Bond. The last payment is in the year