Revitalization Commission Agenda and Packet 2013 08 12

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Revitalization Commission Minutes July 8, 2013 Page 2 of 4 Business Matters of the Commission: b. Village Square Redevelopment Application for Assistance Commissioner Hernandez recused himself from discussion sighting that his firm did a traffic study for the project. c. DELO Redevelopment PUD Referral: Aaron DeJong was authorized to write a letter Public Comments – Commissioner Becker commented that when the City advertises an event start time, the event should start at that time so as not to inconvenience people. The July 4th fireworks started a half hour later than scheduled. Reports of the Commission: Business Matters of the Commission – a. Update of Coal Creek Station Project: Troy Russ reported the project is on the July 16th agenda for Council Approval b. Resolution 13-03 Approving a Property Tax Increment Financing Rebate Agreement with Tract One, LLC. Tract One LLC proposes to remove the Safeway building and redevelop the site. Tract One’s investment is estimated to be $31,000,000. Tract One has submitted an application asking for $380,000 in financial assistance for sanitary and storm sewer infrastructure, water infrastructure, right of way concrete work, masonry and street light poles. An agreement has been drawn up. Discussion of the agreement: Aaron DeJong walked the commission through the main points of the TIF Rebate Agreement with Tract One, LLC. A question was raised about how this agreement relates to other agreements. This commitment is paid after the district wide agreements which are already committed. Future agreements to facilitate private development are intended to be at parity with this agreement. An issue occurs if the projects themselves create increment, but the rest of the 3