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DDA finance report: ~$66,000 operating balance; legal counsel flags Lumen payment discrepancy
Summary
A committee member reported an operating balance of about $66,000, noted $50,000 city-loan installments are arriving, and said counsel identified a discrepancy between an expected Lumen administrative payment and the company report; the transcript contains an unclear amount referenced by the presenter.
At the start of the meeting a committee member provided the board’s financial update and said the DDA had about $66,000 in its operating account and ‘‘about 10’’ in the debt-service account. He told members the Pierce loan creates roughly a $30,000-per-month debt-service obligation and that $50,000 installments from a city loan have begun arriving.
On the Lumen administrative payment, the presenter said the DDA budgeted ‘‘about a 130 k’’ but Greystar’s report came back ‘‘around 85 k’’ and counsel (Seyfarth) judged the report to be short. The presenter described the shortfall and said, in the transcript, ‘‘we're actually should be getting about $1.85, $1.90 based on their calculations,’’ a phrase that appears ambiguous in the record and will need numeric confirmation from counsel or the report.
Board members asked clarifying questions about swings in the Lumen figures and whether the new owner had assumed an MOU; the presenter attributed the reporting problems to a transfer of ownership and assessor issues and said counsel is correcting the errors.
