Revitalization Commission Agenda and Packet 2014 09 08

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Revitalization Commission Minutes August 11, 2014 Page 2 of 6 Chair Becker asked if there is a certain number of blight factors required. Mr. Patten replied: • If the property owners in the area consent, one blight factor is required • Otherwise, four blight factors are required, except for eminent domain where there is not owner consent, five blight factors are required. Public Comments — None Reports of the Commission: • Economic Development Director Aaron DeJong reported that a Resolution will come before City Council on August 19th for its consideration of whether or not blight conditions exist at the former Sam's Club site. • Chair Becker said a determination of Blight by the City Council is needed first, and then the next step would be preparation of an Urban Renewal Plan. • Chair Becker said that at the July 1st City Council meeting members of Council asked to see the LRC financial forecast. He asked if staff could provide that to City Council. DeJong replied that the forecast information will be provided as a component of the TIF Bond review. • Chair Becker said that at the July 1st City Council meeting, Council expressed concern around enrollment at Louisville Elementary School and that enrollment is a Boulder Valley School District issue. • DeJong said there has been no update on an agreement with BNSF for the construction of the South Street Gateway. Business Matters of the Commission — a. Update on Core Project Area TIF Bonds: DeJong reviewed the main points of the Core Project Area Agreement bond documents: 1. The bond will be issued in the maximum amount of $4.5 million. It will be issued all at once. Bond counsel does not want to have more than one closing. The first advance will be for $700,000 for DELO Phase 1 infrastructure. Then there will be an additional advance for 2nd phase. DeJong asked if the LRC is comfortable with the risk of two advances. DeJong stated $350,000 of the bond proceeds is for regional detention, and design for the regional detention will come with the DELO Phase 2 submittal. Commissioner Menaker asked if Public Works is agreeable to the stormwater plan for Phase I. DeJong replied yes.