Revitalization Commission Agenda and Packet 2015 03 09

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City„ Louisville COLORADO • SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: UPDATE ON PROPOSED PROJECTS IN THE URBAN RENEWAL AREA DATE: MARCH 9, 2015 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT SUMMARY: Staff has prepared and update to the TIF projection model to estimate future TIF revenue given assumptions to the anticipated developments within the Urban Renewal Area. This memo summarizes the main assumptions for each project. DISCUSSION: The following is a summary of the assumptions for each project identified as a major contributing revenue generator for the Urban Renewal Area. Safeway Redevelopment The commercial component including the Alfalfa's building and retail building is complete. The developer has rebid the residential component and costs have increased significantly since early 2014. Loftus is continuing to work to reduce the funding gap. DELO Phase 1 The first townhome building foundations are underway. Extension of Cannon Street to the south is underway. DELO Phase 2 The final PUD is going to City Council on March 17th. If approved, construction drawings will need to be submitted for building permit review. DELO Plaza / Tebo The final PUD is going to Planning Commission in March. City Council consideration in April, assuming the schedule doesn't change. Coal Creek Station The Arnolds have acquired the needed land from the BNSF. Next is to acquire small pieces from adjoining neighbors to complete the remaining alley acquisitions. Once all acquisitions are complete, a final PUD can be considered. Village Square The owners are still contemplating parking lot and possibly fagade improvements for the building. No decision has been made and an application for assistance has not been submitted. LOUISVILLE REVITALIZATION COMMISSION 6