Revitalization Commission Agenda and Packet 2025 05 14

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Revitalization Commission Minutes April 9, 2025 Page 3 of 6 the money as that affects when we start paying interest on the money. Commissioner Harald asked for details on how this works. The EV Manager responded that we are exploring the many options available with bond council and finance, and they are running analysis on what is in the best interest of the funds. Once the analysis is complete, there will be a presentation to the LRC to explain how to move forward and why. Commissioner Harald asked for clarification on what the construction costs will be in 2025. The EV Manager responded that they are Vision Plan expenditures; one project is changing all the South Street parking alignment and utility work for downtown. The Director of Community Development commented that we are working with Public Works and contractors to determine what they think is possible to get done in 2025. Staff will come to the LRC to provide information on what work will be done this year at a future meeting once it is determined what is feasible to get done this year. There was a discussion around the design and CMR contracts. Commissioner Lipton requested a standing item on the agenda for Vision Plan updates. Public Comment: None. Reimbursement Resolution The Attorney to the LRC introduced Dalton Kelley with Butler Snow, LRC's bond counsel, to present a Reimbursement Resolution to give the LRC the ability to reimburse itself with tax exempt bond proceeds for any money spent on hard costs that is coming out of pocket right now. He explained the federal tax rules related to this resolution. Commissioner Lipton made a motion to approve the Reimbursement Resolution of the LRC for expressing the intent of the LRC to be reimbursed for certain expenses related to the construction of capital improvements. Commissioner Adler seconded. Roll call vote: unanimously approved. Commissioner Comments: Commissioner Harald asked for clarification on how the resolution works. The attorney to the LRC provided clarification on the function of the resolution. There was further discussion on the way the financing works. Public Comments: None. City of Louisville IGA Discussion and Redlines The Attorney to the LRC presented proposed changes to the Intergovernmental Agreement (IGA) between the City and the LRC as a follow up to the March 11 discussion. The redlined document was included in the meeting packet. The Commission provided consensus to send the proposed changes to the IGA to City Council. Commissioner Comments: