Laserfiche WebLink
<br /> <br /> <br /> <br />LOUISVILLE REVITALIZATION COMMISSION <br />SUBJECT: LRC YEAR-IN-REVIEW AND DISCUSSION OF FUTURE INITIATIVES <br /> <br />DATE: SEPTEMBER 9, 2013 PAGE 2 OF 3 <br /> <br />Financial Assistance Term Sheet for DELO Infrastructure <br />A term sheet was approved to outline the financial considerations for the LRC to <br />contribute up to $4,000,000 in bond funding to assist in new streets and utilities within <br />the Core Project Area. This investment will encourage DELO, LLC to construct several <br />buildings along a new Cannon Street. The bonds will be facilitated through new TIF <br />revenue generated from projects within the Core Project Area. <br /> <br />Approved 2013 LRC Budget <br />The 2013 LRC budget was approved in January. The budget outlined revenues of <br />$63,250 and expenses of $63,250. <br /> <br />Coal Creek Station Letter of Support <br />The Commission provided a letter to the Planning Commission in support of the Coal <br />Creed Station project, a mixed-use development along South Boulder Road and <br />Highway 42. <br /> <br />Village Square Redevelopment Assistance <br />The LRC approved a TIF Rebate Agreement with Tract One, LLC to provide financial <br />assistance to the Safeway redevelopment project. The agreement outlines the <br />developer receiving up to $380,000 for the construction of public infrastructure related to <br />the project. The funding will be paid through TIF generated by the increased value of <br />the property. <br /> <br />Tri-Party Agreement Evaluation <br />The Commission provided comments and points of discussion on the Tri-Party <br />Agreement among the City, LRC, and Boulder County. The County has not entered into <br />a similar agreement with another municipality and a renegotiation of the agreement is <br />likely. <br /> <br />DISCUSSION: <br />The prior year’s work has created the opportunity further LRC assistance to projects <br />within the Highway 42 Revitalization Area. Staff would like to initiate a discussion with <br />the Commission about their interest in assisting certain community and private projects <br />that could happen in the future. <br /> <br />Downtown Parking Solutions <br />Residents perceive a lack of public parking exists within the core downtown area. On- <br />street parking is frequently occupied and additional supply is needed to relieve parking <br />pressure on the surrounding neighborhoods. <br /> <br />Study the Impact of Projects on Existing Neighborhoods <br />Significant projects are being proposed or are being constructed which will have <br />impacts to existing neighborhoods. Small studies can be conducted to better determine <br />the impacts and identify improvements that can lessen or eliminate those impacts.