City Council Study Session Summary 2013 04 23

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City Council Study Session Summary April 23, 2013 Page 5 of 5 Update/Discussion —Term Sheet for Highway 42 Core Project Area Improvements Aaron DeJong, Economic Development Director, introduced Michael Menaker who presented on behalf of Louisville Revitalization Commission (LRC): Michael gave an overview of the history of the urban renewal area and the intent for issuing bonds for the Core Area infrastructure improvements. Aaron reviewed the mechanics of the TIF revenue bond. Karl Becker noted the subarea where TIF revenues will be generated is shown as Exhibit A in the packet. Council Member Keany asked if the subarea is larger than the individual property and how the other property owners would be addressed. Aaron and Michael explained the other property owners would have to dedicate right of way to realize the full scope of the infrastructure project. Michael also noted the property owners would benefit from both the TIF bond project on the West and the Hwy 42 improvements on the East of their properties. Michael further noted the LRC would ask the City's Public Works department to manage the infrastructure project. Aaron then went through the terms listed. Council Member Jasiak asked about the minimum bond denomination of$500,000. Aaron and Michael explained that Bond Counsel strongly suggested this minimum amount as the risk is high for these bonds and it would be best to have "sophisticated" investors purchase these bonds. Michael noted key messages: all the risk is on the investors, not the City; Public/Private Partnership is the way to make it happen. Aaron concluded that staff will bring this to Council for formal approval. Council Member Dalton asked about the timing on how the other property owners would "sign up". Michael noted that they would likely do so during preliminary or final PUD. Aaron noted the need to separate the decision of issuing TIF bonds from the planning approvals so to respect the quasi-judicial approval process. City Manager's Report: • Council Member Dalton reported on Trip Tracker program which encourages kids to ride the bus to school. • Council Member Jasiak asked about the vacancy on Historic Preservation Commission. Staff will send council a list of current members and criteria and potential applicants and ask council to forward suggestions. • Advanced agenda was reviewed. Mayor Muckle asked that discussion of Parks Advisory Board be added to future agenda. Adjourn— 9:10 pm Submitted by—Dawn Burgess April 24, 2013