Revitalization Commission Agenda and Packet 2025 04 09

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Revitalization Commission Minutes March 5, 2025 Page2of7 Business Matters of Commission: Discussion and Decision - Third Party TIF Review for the Grain Elevator Councilmember Dickinson recused himself from this discussion due to a conflict of interest. The Economic Vitality (EV) Manager introduced an application for third party TIF review for the Grain Elevator property. The presentation was included in the meeting packet. Staff requests approval from the Commission to proceed with the third -party review. Commissioner Lipton made a motion to approve third -party review of the Grain Elevator property with a not to exceed amount of $15,000 for the review. Commissioner Iglesias seconded the motion. The motion passed. Commissioner Comments: Commissioner Lipton asked if these agreements are already included in the long-term financial forecast. The EV Manager responded that the projections through the end of the TIF capture give a general increase in property tax based on if conditions remain the same as of today. The Director of Finance includes a 1-2% increase in property tax revenues based on current property taxes. This tax increase wouldn't be included in the current projections, though approved agreements are included in the projections. Commissioner Harald asked if it's just the new incremental tax for the parcel; are they all carved out of the overall incremental increase through the URA so we are reducing what is available overall to support those individual projects. The Attorney to the LRC affirmed that this is the case, reminding the commission that what generates TIF are the new physical improvements, so it is net new revenue in that but for those new physical improvements there wouldn't be TIF generated from those particular properties. The EV Manager commented that without a TIF rebate, the amount available would be more, but only the additional tax revenue will be rebated. Chair Williams commented that this is one of the last remaining grain elevators in the state of Colorado, so it's a cool landmark in that regard. She expressed support for revitalizing it. She asked how this project is different from the past times this property has come to the LRC for support. Erik Hartronft responded that the first iteration of this project was stabilization through a grant by the Historical Preservation Commission. The building was lifted to install a new foundation and save the building from falling down. Then it was a matter of trying to get partners and a tenant which would move the project forward, which has taken time. What's different this time is that the project has a new investor group which is planning on operating the venue and has provided financial support. Commissioner Lipton commented that property ownership shouldn't look to the City as a long- term financer of the project. He is hopeful that the new group will be able to move the project forward. He asked what the financial structure of the project is and if they are looking for equity or debt and if other support is being sought. Erik Hartronft responded that the project will ask for whatever grants, loans, etc. they can get to complete the project. They are also hoping that the City will be a helpful partner in the building and planning department. He noted that the City of Louisville is not a friendly place to build, and they would like to think we can have a creative partnership with the City in order to develop this project. Ross Bowdey added that the investors