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SUBJECT: LRC YEAR -IN- REVIEW AND DISCUSSION OF FUTURE INITIATIVES <br />DATE: OCTOBER 22, 2013 <br />PAGE 2 OF 3 <br />for benefits to the URA, its ability to generate new TIF revenue, and the type and <br />amount of assistance needed by the project to overcome barriers to development. <br />Financial Assistance Term Sheet for DELO Infrastructure <br />The LRC and then Council approved a term sheet was approved to outline the financial <br />considerations for the LRC to contribute up to $4,000,000 in bond funding to assist in <br />new streets and utilities within the Core Project Area. This investment will encourage <br />DELO, LLC to construct several buildings along a new Cannon Street. The bonds will <br />be facilitated through new TIF revenue generated from projects within the Core Project <br />Area. <br />Approved 2013 LRC Budget <br />The LRC and City Council approved a budget with revenues of $63,250 and expenses <br />of $63,250. <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 />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 />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 />DISCUSSION: <br />The prior year's work has created the opportunity for further LRC assistance to projects <br />in the Highway 42 Revitalization Area. The following is a list of initiatives the LRC will <br />advance in 2014 and beyond; <br />Financial assistance in redevelopment property in the URA <br />The LRC will continue to partner with area developers and property owners to redevelop <br />property within the Urban Renewal Area. The commission is willing to assist in <br />infrastructure improvements that eliminate barriers to redevelopment. <br />CITY COUNCIL COMMUNICATION <br />3 <br />