Ordinance 2007-1525 [DENIED BY VOTERS]

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that the LRC and City would not favor condemnation of private property. N. The new property tax revenues generated in the district are being earmarked now to go to the LRC; new sales tax revenues from the district may be allocated to the LRC. None of these monies will go into the City's budget. Yet, the City-not the LRC-will pay for an increasing amount of services going to the district as it develops. As a result, other areas of they City will subsidize services to the district for up too 25 years. O. Other than the LRC, no Louisville public body-except the elected City Council--has power to expend potentially tens of millions of dollars. P. The People of the City of Louisville expect their elected officials, not unelected persons, to be directly responsible for public monies, and for developing an appropriate plan for areas in and affecting the historic downtown. Q. Like the City's many other valued advisory bodies, such as the Planning Commission, the LRC can and should serve as an advisory body to the Council. NOW, THEREFORE, BE IT ORDAINED BY THE PEOPLE OF THE CITY OF LOUISVILLE, COLORADO: Section 1. (a) The authority of the Louisville Revitalization Commission is hereby transferred to the Louisville City Council, effective immediately. "Urban Renewal Authority" in this Section 1 shall mean the Louisville City Council acting .as the urban renewal authority under the Colorado Urban Renewal Law, C.R.S. §§ 31-25-101 to -117. (i) an analysis of the short- and long-term impact of such financing on the general fund and capital improvement budget of the City, and (ii) an analysis of the cost-benefit relationship between the investment of any tax increment financing for the urban renewal district and the City's long-term financial position. (b) The Louisville City Council and the Urban Renewal Authority shall take such action to ensure, to the fullest extent possible, that all open- governmentand relevant ethics provisions, including enforcement provisions, in they Louisville Home Rule Charter are made applicable to the Council acting as the urban renewal authority. (c) The Urban Renewal Authority's financial books shall be audited annually. (d) The Urban Renewal Authority's meetings shall be broadcast on the government 2~ccess channel and recorded on video, and its minutes shall be as detailed as the City Council's minutes. (e) Citizens shall be permitted to p<~rticipate at Urban Renewal Authority meetings to the same extent and in the same manner as at City Council meetings. (f) The City Council may approve sales tax increment financing for the urban renewal district only by ordinance, provided, however, that no such approval shall occur before completion of: (g) Effective immediately, the Louisville Revitalization Commission shall be established under Article 10 of the Louisville Home Rule Charter as the City's urban renewal advisory body. The terms of its members, and its responsibilities, policies and procedures shall be established in accordance with Article 10. Section 2. Any ordinance or resolution or portion thereof in conflict with this ordinance is hereby repealed to the extent of such conflict.