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Revitalization Commission <br />Minutes <br />May 13, 2013 <br />Page 2 of 4 <br /> <br />Business Matters of the Commission: <br />b. Safeway Final PUD referral comments: Carlos Hernandez recused himself <br />from this discussion and left the room. He is part of the Company that did the <br />traffic study. <br />d. Core Project Term Sheet - Dee Wisor of Sherman & Howard and Aaron <br />DeJong addressed the Core Project Term Sheet revisions. The closing will take <br />place 30 days after the documents are finalized. The Bond issue is for $3.5 <br />Million, bonds will be repaid by 2033; 7% interest rate tax exempt, Bank <br />Qualified, Non-AMT, LRC may redeem bonds at their option at any time, the <br />base valuation will be from January, 2012 <br /> <br />Public Comments – None <br /> <br />Reports of the Commission: <br /> <br />Carlos Hernandez gave an update on the HPC. HPC has reached out to Main <br />Street Inc. and they are willing to come to Louisville about the structure of the <br />program. Groups invited to hear the presentation would be the LRC, BRaD, HPC <br />and the DBA. Sam advised that any meeting with more than 2 Commissioners <br />present needs to be posted. <br /> <br />Business Matters of the Commission – <br /> <br />a. Highway 42 Corridor RAMP application <br />Heather Balser submitted an application for RAMP funds. She reported on the <br />process and said the money should be available sooner than expected. Boulder <br />County committed to funds if we get the RAMP funds and Louisville puts in $3m. <br />She should know at the end of May if she can continue on to the full application <br />stage. The applications would be due July 1, 2013. Heather described the <br />process and the criteria include: Regional Corridor, leveraging funds and building <br />partnerships. <br /> <br />Rick Brew from DELO commented that Hwy 42 improvements are absolutely <br />vital. <br /> <br />Malcolm credited Heather for her hard work in the transportation field because <br />that directly benefits the City. <br /> <br />b. Core Project Area Term Sheet Approval <br />Aaron summarized the requested action from LRC to approve the term sheet and <br />be able to present it to City Council. There was discussion on the funding cap <br />amount. Aaron discussed changes to the financial projections for the project. <br />The amount borrowed must be evaluated by a third party financial advisor to <br />determine the amount can be realistically repaid. The risk of not achieving the <br />TIF revenue projections rests with the investors purchasing the Bonds.