Planning staff outlines revolving loan funds; hotel‑motel tax continues to support Oakley Lindsay Center

Jason, planning and development staff, told council the city maintains three revolving loan fund accounts for gap financing of economic development projects: a general Q fund ($701), a downtown district fund ($702) and a neighborhood housing fund ($704). Jason said the funds are maintained at roughly $1,000,000 for potential opportunities, but use depends on individual projects coming forward and on loan repayments.

Aldermen asked for a detailed reconciliation of outstanding loans. Jason agreed to provide a statement and charts showing the status of current loans and balances so council can monitor who owes money and the health of the programs.

Sherry reviewed the hotel‑motel (occupancy) tax trust fund. She said the city collects the tax and disburses it under an intergovernmental agreement with the Oakley Lindsay Center. Under the current agreement the center receives front‑loaded payments and is budgeted to receive about $750,000 in a typical year; the Oakley Lindsay Center then places $216,000 into its capital reserve under the new agreement. The city retains a 3% administrative fee for collection and distribution costs.

Sherry said the debt service on the Oakley Lindsay Center bonds concluded in fiscal 2023; the center’s capital reserve balance is budgeted to be several hundred thousand dollars available for capital needs such as a new roof or HVAC. No council action to change the agreement was proposed during the hearing; staff said distributions will continue under the existing ordinance and intergovernmental agreement.