Laserfiche WebLink
City„ <br />Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />DATE: <br />UPDATE TO TIF PROJECTION MODEL <br />MARCH 9, 2015 <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />Staff has prepared and update to the TIF projection model to estimate future TIF <br />revenue given assumptions to the anticipated developments within the Urban Renewal <br />Area. This memo summarizes the main assumptions for each project. <br />DISCUSSION: <br />The following is a summary of the assumptions for each project identified as a major <br />contributing revenue generator for the Urban Renewal Area. <br />Safeway Redevelopment <br />The commercial component including the Alfalfa's building and retail building will create <br />revenue for the 2016 budget year. Commercial assessed value increase estimate is <br />$957,000. Residential component is estimated to be complete by January 2017 and <br />have an assessed value of $2,871,000 (111 apartments valued at $325,000 per unit). <br />DELO Development <br />130 apartments valued at $325,000 per unit totaling $3,363,000 in assessed valuation <br />completed by January 2018. Commercial 31,000 sf valued at $135 psf completed by <br />January 2018. 30 townhomes completed by January 2016 valued at $525,000 and <br />another 30 completed by January 2017. <br />DELO Plaza / Tebo <br />22,000 sf of retail valued at $100 psf completed by January 2017. <br />Coal Creek Station <br />51 housing units (42 duplexes and 9 tri- plexes) coming in over several years starting <br />January 2017. Duplexes valued at $350,000 and tri- plexes at $300,000. <br />North End <br />10 large houses ($600,000 value), 70 single family houses ($500,000 value), and 42 <br />townhomes ($350,000 value) first completed January 2015 and ending January 2021. <br />15,000 sf of commercial valued at $100 psf completed January 2019. <br />All committed expenditures are included in the attached spreadsheet. Given all the <br />assumed projects above occurring and valued as assumed, the LRC will have $232,000 <br />of unencumbered funding in 2016, $547,000 in 2017, and $480,000 in 2018. <br />LOUISVILLE REVITALIZATION COMMISSION <br />8 <br />