Revitalization Commission Agenda and Packet 2016 02 08

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Cityot Louisville COLORADO • SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: DATE: SOUTH STREET GATEWAY DESIGN FEBRUARY 8, 2016 PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT SUMMARY: The Commission asked for the South Street Gateway plans be provided again to remind everyone of the intended scope and look of the project. BACKGROUND: The South Street Gateway project is an underpass and related improvements to make a pedestrian and bicycle connection between the downtown and the Highway 42 revitalization area. The project will help to catalyze redevelopment of the revitalization area and provide safe connections for residents traveling between the two areas. The LRC is committed to help fund this City through the South Street Gateway Funding Cooperation Agreement approved November 5, 2015 and has been amended twice. The main terms of the Agreement are: • The LRC commits to funding 50% of the Project not paid from the City's Stormwater Utility Fund. The funding will be paid over time from tax increment collected within the Urban Renewal Area. The following is the timing and amounts of such payments; o Budget Year 2015 $45,000 o Budget Year 2016 $65,000 o Budget Year 2017 $75,000 o Years 2018 and Beyond 25% of LRC Tax Increment Revenues after the required payments to the County and costs for City Staff Services. • Yearly interest will be applied after construction of the Project to the unpaid balance of the commitment at a rate equal to the average rate of return on the City's deposit accounts. • Should costs be greater than or less than $130,000 of the estimated costs of the project ($2,900,000) the LRC shall review the changes to the project which created the cost difference. DISCUSSION: No changes have been made to the original aesthetic design of the project. Atkin's, the city's contracted engineer for the project, has completed an update to the engineer's cost estimate. Current estimate for the same project scope is $2,894,869, up from the original estimate of $2,560,939, creating an increase of $333,930. LOUISVILLE REVITALIZATION COMMISSION 6