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Revitalization Commission <br />Minutes <br />November 9, 2015 <br />Page 2 of 5 <br />Public Comments on Items Not on the Agenda <br />None <br />Reports of Commission <br />Commissioner Fisher is concerned that if there is litigation related to Urban <br />Renewal, Commissioners will be personal liable. He will consult with City <br />Attorney Light. <br />Commissioner Menaker said that at the last Council meeting, the live -work <br />component was discussed. Menaker asked why City Council is insisting on first <br />floor retail within the Redevelopment Area — no economic reality. LRC sent a <br />letter in 2011 supporting residential on the 1st floor by Special Review Use (SRU) <br />rather than use by right. Menaker discussed 2011 action. <br />Business Matters of Commission <br />a. DELO Update <br />Justin McClure and Rick Brew of RMCS were in attendance to give a <br />status update of the DELO project. Economic Development Director <br />DeJong said Phase I and Phase II are on their way. <br />Brew said the bank is moving slowly. Bank wants lower loan -to- value. <br />Construction costs are increasing. Financing is the hardest part. RMCS <br />does not want to purchase 2nd tranche of bonds until financing is in place. <br />McClure reiterated: construction costs are escalating. RMCS has asked <br />Public Works to expedite and they have been great partners. <br />Brew said potential commercial tenants are tentative until BNSF commits <br />to underpass. Lease rates will be approximately $28 /sf. <br />Project in Broomfield is on schedule with BNSF — Deputy City Manager <br />Balser said the BNSF project in Boulder is also on track. The city is trying <br />to coordinate with Broomfield and Boulder and BNSF. Having as many <br />conversations and piggybacking as much as we can. Balser said the City <br />has reached out with Bennett and Polis for assistance. We are in the <br />queue; BNSF just does not have capacity to address all projects in a <br />timely manner. <br />Brew saw that list of objectives for LRC is quiet zones: RMCS supports <br />that and hopes that stays on the list of objectives. <br />b. 550 S. McCaslin Request for Proposal (RFP) Discussion <br />LRC heard at Study Session that Council would like proposals consistent <br />with current zoning of the property. The memo lists uses. Commissioner <br />Tofte asked what is driving us to move forward. Why not wait until Small <br />Area Plan (SAP) is done? Commissioner Menaker said there is <br />3 <br />