Business Retention and Development Committee Agenda and Packet 2011 03 07

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BRaD & LRC Joint Meeting Meeting Summary February 7, 2011 Page 3 of 4 RTD Parking: Phase 1 (Parcel A) would be preserved for use for future Fastracks parking. The parking would be garden level parking – not fully enclosed – partially above and below grade. The South Street underpass is south of the RTD parking area. There need to be ways to draw people from the underpass through the undeveloped parking area to the redevelopment when it’s completed assuming the parking comes later (after completion of the project). Project Funding: Timeline: Bonnie presented historical framework. 2003 – Area east side of tracks (framework plan) 2004 – Successful vote of Fastracks December 2006 – Creation of Urban Renewal (Revitalization Commission) November 2007 – Framework – Mixed Use Zoning Guidelines 2008 – City received financing study from EPS – conclusions questionable based on current economy. Based on study there is a 25 year timeline through January 2032 for funding of the revitalization area. Funding available through TIF (Tax Increment Financing). However, in year 7 of the 25 year timeline, TIF will be split between Louisville and Boulder County. Based on current available fund balance, there isn’t enough of a balance to mortgage and borrow money for the redevelopment so funding needs to come from other sources. Heather Balser spoke about funding: $300,000 study funded to finish the design on Highway 42 from Locke to Paschal Grant applied through DRCOG for a design east/west – 80% from DRCOG and 20% from the City. Target date for completion of design is Spring of 2012. Need to get an RFP going. RTD will pay for most of funding the underpass because it’s needed for Fastracks station. The underpass needs to be consistent for freight and commuter rail. RTD pays 75% and City/Developers pay 25%. Note: Faster Dollars will support an underpass/overpass over Highway 42. Support the design for this project will be from CDOT, Region 4 with $75,000, and Boulder County with $75,000 and City $150,000. Good prices and a good design will be needed to know exactly how much funding to seek. Feedback: Rob Lathrop supported working on the underpass at South Street first. Hank Dalton echoed those sentiments and reminded everyone that Council has already approved the Pedestrian and Parking Action Plan where the South Street Underpass was already a proposed project. Dalton asked LRC to think about other infrastructure. Michael Menaker suggested calling the underpass a “gateway.” Carlos Hernandez supported going forward with an RFP for the DRCOG grant. RMCS staff needs to get the momentum going and work with adjacent land owners.