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L <br />City at <br />- <br />Louisville <br />COLORADO • SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 11 <br />SUBJECT: <br />ANNUAL REPORT — LOUISVILLE REVITALIZATION <br />COMMISSION <br />DATE: JANUARY 13, 2015 <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br />LIST HIGHLIGHTS AND SUCCESSES OF THE PAST YEAR: <br />2014 was the year the LRC became revenue positive. All borrowing from the City to <br />start up and operate the Commission has been paid back. With unencumbered <br />revenues being realized for future years, this allows us to start thinking more proactively <br />about encouraging revitalization through investment. <br />The LRC completed the issuance of the $4,500,000 TIF Bond to facilitate major public <br />infrastructure upgrades south of Griffith Street. This includes extending Cannon Street, <br />new water, stormwater, and wastewater infrastructure, regional detention, and a park <br />area. Facilitating the redevelopment of this area has been 10 years in the making and <br />we are proud to see it moving towards approval and completion. <br />Redevelopment along South Boulder Road also began in 2014 with the Alfalfa's grocery <br />store and adjacent retail building being completed for the public to enjoy. The LRC <br />assisted with public infrastructure in the project. <br />WHAT WORKED WELL FOR YOUR BOARD THIS PAST YEAR? <br />The Commission enjoyed constructive interaction with City Staff regarding the <br />development projects being facilitated by the TIF bonds and development proposals <br />within the Urban Renewal Area. <br />The support the LRC receives from City Staff is very important to advance the <br />redevelopment efforts by the Commission. Their knowledge of public infrastructure, <br />financing, and agreement structure has helped advance projects. <br />The interactions with City Council were constructive for 2014 and it is expected to <br />continue. The projects the Commission has been working on have been part of the <br />City's vision since the beginning of the Urban Renewal Area, and City Council has <br />supported our efforts. Having the Mayor's presence on the Commission has been <br />invaluable to help reinforce the synergy between the LRC's mission and the City's vision <br />for the area. <br />WHAT DID NOT WORK WELL FOR YOUR BOARD THIS PAST YEAR? <br />The group dynamic was good for 2014. Decisions were made and issues resolved in a <br />professional manner. <br />CITY COUNCIL COMMUNICATION <br />2 <br />