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Revitalization Commission Agenda and Packet 2014 10 13
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Revitalization Commission Agenda and Packet 2014 10 13
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RCPKT 2014 10 13
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L <br />City at <br />- <br />Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />RESOLUTION 14 -02 - RESOLUTION OF THE BOARD OF <br />COMMISSIONERS OF THE LOUISVILLE REVITALIZATION <br />COMMISSION AUTHORIZING, APPROVING AND DIRECTING <br />THE EXECUTION AND DELIVERY OF THE LOUISVILLE <br />REVITALIZATION COMMISSION PROPERTY TAX INCREMENT <br />REVENUE BOND (DELO PROJECT), SERIES 2014, IN THE <br />MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $4,500,000, <br />FOR THE PURPOSE OF FINANCING THE ACQUISITION, <br />CONSTRUCTION AND EQUIPPING OF AN URBAN RENEWAL <br />PROJECT IN THE HIGHWAY 42 REVITALIZATION AREA. <br />DATE: OCTOBER 13, 2014 <br />PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />This memorandum summarizes the documents necessary to issue a maximum amount <br />of $4,500,000 in Tax Increment Financing (TIF) bonds to provide a portion of the <br />funding needed to construct new streets, utilities and other public infrastructure <br />improvements within the core area of the Highway 42 Urban Renewal Area. <br />BACKGROUND: <br />The LRC has the authority to collect TIF revenue from improvements made within the <br />Urban Renewal Area that increases property taxes over a base valuation (generally the <br />valuation of property as of January 1, 2007). The increased property taxes above the <br />base valuation accrue to the LRC to invest in projects that remove blight and encourage <br />reinvestment within the Urban Renewal Area. <br />The City and the LRC have previously committed to funding the pedestrian gateway at <br />the intersection of South Street and the BNSF railroad. This investment creates the <br />potential for the core area of the Highway 42 Revitalization area to be redeveloped by <br />providing better connectivity for all citizens and visitors to interact with areas within the <br />Urban Renewal Area. An interior street network east of the railroad tracks and west of <br />Highway 42 is necessary for any meaningful redevelopment of the area as well as to <br />help facilitate potential additional revenue for businesses and the City. A new public <br />area, reconstructed streets, new underground utility infrastructure, and regional storm <br />water detention are other improvements proposed for the area. <br />A term sheet describing the general conditions under which the LRC would issue TIF <br />revenue bonds to fund public infrastructure in the Urban Renewal Area was first <br />approved by City Council on May 21, 2013. <br />A Core Project Area Agreement and amended Term Sheet were approved on July 1, <br />2014. This agreement outlines the financing and scope of the public infrastructure <br />LOUISVILLE REVITALIZATION COMMISSION <br />8 <br />
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