Revitalization Commission Agenda and Packet 2013 09 09

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Revitalization Commission Minutes August 12, 2013 Page 3 of 4 b. Discussion of changes to 2006 Tri-Party Agreement among the Louisville Revitalization Commission, City of Louisville and Boulder County: Within 90 days of December 5, 2013 the LRC must submit a letter saying LRC would like to renegotiate. It is unlikely the County would like to renegotiate. The goal is to reduce the financial impact any TIF agreement may have on the Urban Renewal Area and the City of Louisville. Commissioner Menaker asked what can Boulder County bring to the table. If no agreement is reached the TIF revenue percentage reduces to 7.15% Attorney Sam Light gave a history of the agreement. Commissioner Hernandez asked if a clause can be added saying that any money the County collects goes back into improving the area, i.e.: improving Highway 42 or a health and human services project. He suggested a list of improvements be created and submitted. He would like to see corridor investments on the list. Deputy City Manager Balser stated the items would probably need to have a regional impact. Deputy City Manager Balser stated that Louisville would like a say in how the money is spent, ensuring that dollars go back into the urban renewal area if possible. Commissioner Lathrop asked if we should write a letter now to express our point and see where the County may be on the issue. Staff could spend the time until December asking questions and meeting with the County to solicit ideas. Aaron stated that if the 7.15% is appropriate, we should define where dollars go vs. trying to decrease the dollar amount further. Chair Becker stated the LRC directs Staff to ask for further clarification of what County TIF funds will be used for once collected. Staff was asked to move forward and give updates as to what any new agreement or language might include as negotiations proceed. New items for Next Meeting Sept 9, 2013 a. Update on Tri Party Agreement