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City oaf <br />Im Louisville <br />COLORADO • SINCE 1878 <br />REVITALIZATION COMMISSION <br />SUBJECT: <br />DATE: <br />DELO UPDATE <br />OCTOBER 12, 2015 <br />PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT <br />TIF BONDS <br />The subdivision agreement for DELO Phase II is complete and the second issuance of <br />TIF bonds will be forthcoming. Staff with DELO is working through the timing for the <br />next issuance. <br />ESCROW/ PAYING AGENT <br />DELO's bank for the project, Great Western, has an interest in taking over the escrow <br />and paying agent duties currently being performed by US Bank. Staff has not talked to <br />a representative of Great Western about their interest as of October 7th. Staff is <br />evaluating whether changing paying agents at this time is beneficial for the project. <br />COSTS TO DATE: <br />Total project costs to date that have been reimbursed for public infrastructure not paid <br />for by City funds is $378,820.17. The City has paid out $6,509.77 for the drainage line. <br />LOUISVILLE REVITALIZATION COMMISSION <br />