Revitalization Commission Agenda and Packet 2015 08 10

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SUBJECT: 550 MCCASLIN URBAN RENEWAL PLAN UPDATE DATE: AUGUST 10, 2015 PAGE 2 OF 3 2) Section 2.3, Planning Commission Approval — The Plan has been reviewed by the Planning Commission as to its conformity with the Comprehensive Plan. 3) Section 2.4, Consultation — The Plan has been submitted to the County and the Boulder Valley School District. Such submittal was mailed by July 14, 2015. 4) Section 2.7.1 — One or more of the projects may require the use of eminent domain to acquire Property within the Plan Area as provided in this Plan. Such actions may be necessary to eliminate defective or unusual conditions of title rendering the title nonmarketable to prevent the spread of blight. 5) Section 3.1, The Plan as a Tool — The objectives for the Plan include the following: • Create a retail rich environment where area businesses and residents can be successful. • Re- tenant or redevelop the property. • Increase retail activity by encouraging occupancy of the property. 6) Section 3.2, Plan Conforms to the City of Louisville Comprehensive Plan - This Plan is intended to not only comply with the State statute, but also to conform to the desires of the Louisville community as embodied in the City of Louisville Comprehensive Plan ( "Comprehensive Plan "). The Comprehensive Plan defines the area as the focal point for a regionally significant commercial activity center and shall remain the City's primary retail center that is supported by a mix of land uses including retail, office and residential. 7) Section 4.1, Redevelopment and Rehabilitation Actions — LRC is authorized to negotiate and enter into Redevelopment Agreements and Cooperation Agreements with landowners, developers, the City of Louisville, and investors regarding appropriate projects throughout the Plan Area which will generate increased sales and property tax revenues, and to enter into any other agreements authorized or permitted under the Urban Renewal Law or other law. 8) Section 4.2, Property Acquisition — The power of eminent domain as authorized by the Urban Renewal Law may be used to alleviate the qualifying conditions. Eminent domain authority is limited only to property within the Urban Renewal Area. Prior to use of eminent domain authority, the City Council must approve such use by a two - thirds affirmative vote. 9) Section 5.1, Tax Increment Financing — This Plan does not authorize use of tax increment financing pursuant to Section 31 -25- 107(9), C.R.S. The use of tax increment financing within the Plan Area can only be authorized by amendment to this Plan. LOUISVILLE REVITALIZATION COMMISSION 3