Revitalization Commission Agenda and Packet 2013 03 11

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Revitalization Commission Minutes January 28, 2013 Page 2 of 3 a. Discussion/Direction/Action for DELO Assistance Application. Aaron provided some background on the DELO development and reviewed the memo he prepared for the meeting. Rick and Justin described their project. Their goal is to make the area a vibrant area and to construct infrastructure in the area that supports the desired vibrancy. They discussed the benefits of spending more on landscaping. Other entities may have the ability to pick up some of the public costs. LRC members approved the direction recommended in Aaron’s memo. The direction is as follows: #1 - The LRC is willing to pay for the following public infrastructure improvements; • Construction of new streets and sidewalks o Cannon from South to Griffith o South from Cannon to Highway 42 o Short from Cannon to Highway 42 • New water utilities within the following streets; o Cannon Street from Lafayette to South o South Street From BNSF to Highway 42 • New storm water utilities within the following corridors; o Lafayette from BNSF to Highway 42 o Cannon from Griffith to Lafayette • New sanitary sewer utilities within the following streets; o Lafayette from BNSF to Short o Short from Cannon to Highway 42 • Normal landscaping improvements along streets • Street lighting, earthwork, traffic control, surveying, project management, contingency #2 - The LRC is willing borrow the funds needed for the public infrastructure from investors found by DELO, LLC. #3 - The debt issued for the public infrastructure will be paid through Tax Increment Financing (TIF) revenues generated from the properties located within the boundaries of Highway 42, South Street, the BNSF Railroad, and Griffith Street less prior TIF commitments (County IGA, City IGA, Gateway IGA) made by the LRC. #4 - LRC staff will prepare a term sheet outlining the financial components of the borrowing with DELO, LLC