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WHEREAS, WHEREAS, WHEREAS, WHEREAS, DENIED BY A VOTE OF 5 -2 JANUARY 2, 2007 RESOLUTION NO. 59 SERIES 2006 A RESOLUTION RELATING TO URBAN RENEWAL AND IMPLEMENTATION OF THE HIGHWAY 42 REVITALIZATION URBAN RENEWAL PLAN ' the City Council recognizes the need for economic development and redevelopment of certain parts of the City of Louisville; and the formation of the Highway 42 Revitalization Urban Renewal Plan ( "Plan ") is a mechanism by which this need may be accomplished; and the citizens of Louisville have expressed a number of concerns about the proposed Plan; and the City Council by this Resolution desires to state its intent with respect to certain matters related to urban renewal and the implementation of the Plan; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: A. That the City Council hereby sets forth the following statements of its intent with respect to certain matters related to urban renewal and the implementation of the Plan: 1. The City Council will refer to the registered electors of Louisville a measure transferring the urban renewal authority to the City Council at the next regular general municipal election or at the first election at which such a vote is allowed. 2. If the urban renewal authority is transferred to the City Council, the City Council will create an advisory body for urban renewal to utilize the expertise of Louisville citizens in the area of urban renewal. 3. As part of its oversight of the urban renewal authority and Plan, there shall be developed a plan, no later than concurrently with the process of amending the city comprehensive plan during 2007, detailing the City's priorities for the tax increment financing funds generated in the urban renewal area. In particular, the plan will seek to prioritize community amenities such as pedestrian underpasses and railroad quiet zones versus developer and business incentives. The plan and/or other measures subject to City Council approval shall establish criteria for incentives. Cost estimates of proposed projects will be included in the plan. 4. The Plan provides that the City Council upon its approval may allocate sales tax increments under the Plan. The urban renewal is required to submit a plan