ORDINANCE AND RESOLUTION FACT SHEET					City of Shreveport
TITLE			DATE			ORIGINATING DEPT./DIV.
AN ORDINANCE ADOPTING THE 2010 DOWNTOWN ENTERTAINMENT ECONOMIC DEVELOPMENT SPECIAL REVENUE FUND, APPROPRIATING THE FUNDS AUTHORIZED THERIN, AND OTHERWISE PROVIDING WITH RESPECT THERETO			Oct. 1, 2009			EXECUTIVE OFFICE
						SPONSOR OR COUNCIL MEMBER
						MAYOR CEDRIC B. GLOVER
PURPOSE
To adopt the 2010 Downtown Entertainment Fund budget, in accordance with State law and City Charter.
This Ordinance or Resolution will have direct impact on Council District:							All
BACKGROUND INFORMATION
This Fund is up 211% in 2010 mostly due to the accurate statement of fund balance, according to audited financial reports. This fund budget includes revenues from lease rental, in anticipation of city ownership of the Red River Entertainment District. This budget includes appropriations to effectively manage, market and improve the district as well as a healthy operating reserve of $619,600.
TIMETABLE
Introduction:	October 13, 2009
Final Passage:	By December 15, 2009
SPECIAL PROCEDURAL REQUIREMENTS
A public hearing must be held on this budget for adoption by Council.
FINANCES				SOURCE OF FUNDS
CONCLUSION
Approval of this ordinance is recommended.
FACT SHEET PREPARED BY:		Rick Seaton, Assistant CAO

ORDINANCE NO. ______ OF 2009

AN ORDINANCE ADOPTING THE 2010 BUDGET FOR THE DOWNTOWN ENTERTAINMENT ECONOMIC DEVELOPMENT SPECIAL REVENUE FUND, APPROPRIATING THE FUNDS THEREIN AND OTHERWISE PROVIDING WITH RESPECT THERETO.

BY:

WHEREAS, the City of Shreveport has created a Tax Increment Financing (TIF)

District within a portion of the Downtown Riverfront area; and

WHEREAS, the City has created the Downtown Entertainment Economic Development Special Revenue Fund to account for the additional sales taxes generated within the TIF District and to budget the receipts therefrom

NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Shreveport, in legal session convened that:

1. Estimated Receipts - The estimated Downtown Entertainment Special Revenue Fund receipts for the year 2010 are hereby established as follows:

Estimated Fund Balance as of 1/1/2010 $ 585,700

Sales Taxes from the TIF District 150,000

Interest Earnings 3,000

Land Rent 126,900

TOTAL REVENUES $ 865,600

2. Appropriations - The funds set forth herein are hereby appropriated out of the Downtown Entertainment Economic Development Special Revenue Fund’s receipts for the year 2010:

Personal Services $ 100,000

Materials and Supplies 4,500

Contractual Services 29,000

Other Charges 12,500

Operating Reserves 619,600

Improvements and Equipment 100,000

TOTAL APPROPRIATIONS $ 865,600

3. The Downtown Entertainment Economic Development Special Revenue Fund budget presented to the City Council on October 1, 2009, as amended by subsequent action of the City Council, be and is hereby adopted.

4. Administration - The Mayor is hereby authorized to execute all contracts, deeds, grant documents and other legal instruments necessary to expend and receive the funds herein authorized, excluding contracts for special legal counsel.

5. Donation of City Funds - No funds herein appropriated shall be donated, loaned or pledged, and no expenditures for such purposes shall be authorized, except in accordance with section 26-53 of the Code of Ordinances, as it exists now or may hereafter be amended.

BE IT FURTHER ORDAINED that if any provision or item of this ordinance or the application thereof shall be held invalid, such invalidity shall not affect other provisions, items or applications of this ordinance which can be given effect without the invalid provisions, items or applications; and, to this end, the provisions of this ordinance are hereby declared severable,

BE IT FURTHER ORDAINED that all ordinances or parts thereof in conflict herewith are hereby repealed.

BE IT FURTHER ORDAINED that this ordinance will be effective on January 1, 2010.

APPROVED AS TO LEGAL FORM:

City Attorney’s Office