Revitalization Commission Agenda and Packet 2025 04 09

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Revitalization Commission Minutes March 5, 2025 Page3of7 in the project understand that the project will require a large investment in order to be successful. For it to make financial sense, trying to reduce the cost per square foot will be important. We want this to bring the grain elevator back to life with as much historic preservation as possible, not just prepare it for a tenant. The goal is to have the property be the best it can be. Erik Hartronft added that they are also looking at the possibility of the City being more involved in the historic preservation side, such as training volunteers to do tours of the building. Commissioner Lipton asked if they would be interested in moving the project forward without a tenant. Eric responded that the Grain Yard is planned for a bar/food truck venue for the tenant and the investors will be the tenant. Commissioner Lipton asked what the development risks are and what mitigation they have in mind. Eric responded that any project faces a lot of risks in tariffs, inflation, etc. Projects last year were dropping off due to interest rates and construction inflation. These continue to be risks. The City, LRC, and Historic Preservation can help move the project forward. Commissioner Harald commented that this project puts him in mind of Rayback in Boulder and asked if this is similar. Ross Bowdey responded that this project is like the fun of building the Dark Horse meets Rayback with a historic component. He noted that they are local business owners and interested in partnering with local restaurants in addition to the food trucks as part of growing the feel of downtown south past Pine Street. Commissioner Harald expressed support for the third -party review, commenting that it's important that the contract reflects the challenge that restaurants downtown aren't making it right now. He requested a market analysis of why this might work when Empire failed, and downtown restaurants are having difficulty succeeding. He also asked that they look at possible synergies between Ironton and the Grain Elevator project. He noted that the Vision Plan does include this area. The EV Manager responded that we can look at synergies between the two projects, noting that this TIF rebate is property -tax based and any increment will be on the property and the building. We do look at possible sales tax components and any other asks the project might have for the LRC. In general, Economic Vitality does coordinate with downtown businesses to keep them informed about what's happening in the community. Commissioner Harald asked for clarification that the third -party analysis will strictly be based on the property tax and not the success of the business. The Attorney to the LRC responded that the Urban Renewal Authority is for blight elimination, noting that even a failed restaurant or retail project results in rehabilitation of the property and makes it an Urban Renewal success in the prevention of the spread of blight. Commissioner Iglesias expressed support for the project, noting that the area of the project is part of downtown and it seems like a family -friendly place which aligns with the feel of the community. Public Comments: Ross Bowdey representing the new ownership group of the grain elevator provided a summary of the project.