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Revitalization Commission <br />Minutes <br />June 9, 2014 <br />Page 2 of 5 <br /> <br /> <br />Reports of the Commission: <br /> Commissioner Menaker noted that Governor Hickenlooper vetoed the Urban <br />Renewal Bill <br /> <br />Business Matters of the Commission <br /> <br />a. Core Project Area: <br />Economic Development Director DeJong presented the main points of the Core <br />Project Area Agreement among DELO, the City and the LRC and discussed the <br />modification that have been made related to public infrastructure that is being <br />financed through future TIF. <br /> <br />DELO has requested the following improvements be included in the Bonds: <br />1. Cost to modify the Comcast property estimated cost $200,209 <br />2. Utility infrastructure near the townhomes on North Front Street, Johnson <br />Lane, Leonard Street and Maria Lane estimated cost $296,356 <br />3. Regional Detention up to $250,000 <br /> Attorney Light clarified that DELO may propose taxable bonds if the LRC <br />determines the items meet the criteria. <br /> The financial test to keep the bond tax exempt is that no more than 10% of the <br />bond can be used for improvements that are for private use. <br /> DELO representatives Rick Brew and Justin McClure said these are necessary <br />payments to create public space <br /> <br />Discussion: <br /> <br />Utilities Improvements under private streets <br />Commissioner Menaker said if this were being built elsewhere in the city, would it pass? <br />Brew replied if the improvement is dedicated to the City, it should be eligible. <br /> <br />McClure said that at the end of the day, these are public improvements that will be <br />owned by the City. <br /> <br />Regional Detention <br />When built, it will take most of downtown out <br />of the floodplain <br />Proposed is a 15 acre foot pond: 10 for the City, 5 for the core area project. This design <br />has not been finalized. <br />Commissioner Menaker asked if the regional detention serves downtown why does TIF <br />have to pay for it? DeJong replied TIF will not p <br />facility. <br />Regarding the detention needed for the Core Project Area, DeJong replied that we want <br />to fix the problem for everyone, not just properties being developed now. <br /> and early projects have value. <br />