Revitalization Commission Agenda and Packet 2013 08 12

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Louisville Revitalization Commission Application for Urban Renewal Assistance The Louisville Revitalization Commission (LRC) is the Urban Renewal Authority within the City of Louisville, Colorado. The LRC’s mission includes carrying out the Highway 42 Revitalization Area Urban Renewal Plan (Plan) which was adopted in December 2006. The purpose of the Plan is to stimulate growth and reinvestment in the Urban Renewal Area (URA), on surrounding blocks and throughout downtown and reduce, eliminate and prevent the spread of blight in the URA. A map of the URA is attached hereto as Attachment A. The LRC has the authority to collect the incremental property taxes from improvements in the area to provide assistance to projects that eliminate the blighting factors identified when the URA was formed. It is the intent of the LRC to provide assistance to stimulate private investment in cooperation with property owners and other affected parties in order to accomplish the objectives of the Plan. Public-private partnerships and other forms of cooperative development will be critical to the LRC’s strategy for stimulating growth and reinvestment and preventing the spread of blight and eliminating the blighting conditions. The LRC will consider assistance on projects that address the blighting conditions present in the URA, as well as provide economic growth for the community. To be considered for assistance, projects must address several of the objectives outlined in the Plan. Those objectives are as follows: A. Eliminate and prevent blight B. Improve relationship between the URA and surrounding areas C. Increase property values D. Provide uses supportive of and complementary to planned improvements E. Encourage a mix of uses and/or mixed-use projects F. Promote a variety of products to address multiple income segments G. Provide ease of vehicular and pedestrian circulation and improve connections H. Encourage continued presence of businesses consistent with the plan vision I. Provide a range of financing mechanisms for private property re-investment and investment J. Mitigate impacts from future transportation improvements K. Encourage public-private partnerships to implement the plan L. Adjust parking ratios to reflect future densities M. Encourage shared parking among projects in area N. Develop higher design standards including flexible lighting and signage standards O. Landscape streetscapes to unify uses and plan components Projects will be evaluated on several factors including, but not limited to: 1. The ability to stimulate growth and reinvestment in the URA 2. The elimination or prevention of blight in the URA 8