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City outlines Alliance repayment plan, transformation fund and gaming-tax allocations
Summary
Staff said negotiations aim to unwind Alliance and return about $2 million to the city, splitting funds between a proposed transformation lending fund and gaming-tax resources; staff also discussed projected casino revenue and one-time gaming-tax funding for public-safety attrition.
City operations staff told the finance committee they are negotiating to unwind an outside entity called Alliance and expect to receive unspent funds back to the city.
Brian Caputo, the city's director of operations, said the city originally paid Alliance about $3 million and that not all of the money had been spent; staff estimate roughly $2 million would be returned and that the administration plans to allocate $1 million to a newly proposed transformation fund and $1 million to the gaming tax fund. Caputo said the…
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