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This amount of funding is more than enough to cover the assumed 81 million in stabilized debt service necessary to support the proposed 1.25 billion bond issuance. In fact, this plan is not only revenue neutral relative to the current budget, but it also leaves the majority of funds available for the other uses. Beyond these immediately quantifiable figures, projects supported by the bonds will also directly and indirectly lead to the growth of the City’s property tax base. Directly through the generation of property taxes from developed projects that are not otherwise generated today indirectly through stabilizing housing options of households, the retention of dollars within communities that otherwise experience retail leakage, and the catalytic impact of projects that lead to further growth. With the use of bond funds, this growth will return to the City’s overall tax base rather than being retained within a limited geographic area. 11 Reporting and Oversight While these bonds are critical to ensuring that the funds necessary to make ongoing investments in Chicago’s neighborhoods are available, it is equally important that funds are deployed in a way that provides an appropriate amount of oversight as well as a high level of transparency. To address those points, the City has committed to the following actions o For all bondfunded programs, both DPD and DOH will define the selection criteria and any related materials used to review projects. These documents will be posted to each Department’s websites, the City’s bond website, and the City’s Rules Portal. o Projects utilizing 5 million or more in total in bond funds are subject to approval by City Council. This could additionally include approval of some programs depending on the overall operational and financial structure. o In order to ensure that outcomes are readily available to the public, DPD and DOH will amend the existing TIF Portal to be more broadly focused . This will identify all bondfunded projects as well as provide any relevant project documents that align with the requirements of the City’s TIF Sunshine Ordinance Sect. 2145155. In addition, data on this portal will also be concurrently posted in tabular format on the City’s Open Data Portal. o DPD and DOH will draft and publish quarterly reports that detail any expenditures, allocations, or awards of bond funds as well as any anticipated or actual changes to property taxes as a result of project awards. These reports must be submitted on the first business day of February, May, August, and November with information covering the second preceding quarter. For example, the February 1 reports will cover the reporting period from July to September of the preceding year. These completed quarterly activity reports will be provided to City Council and published on the City’s bond website. o Finally, DPD will coordinate with the Chief Financial Officer to create a report that updates the financial model used as the basis of analysis for these bonds to reflect actual expirations and any changes, assumed future collections, and actual bond issuances and costs. This report will be issued on no less than an annual basis but may be updated more frequently if necessary. These completed quarterly activity reports will be provided to City Council and published on the City’s bond website.