Revitalization Commission Agenda and Packet 2017 06 12

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Louisville Revitalization Commission Application for Assistance Parties interested in assistance from the Louisville Revitalization Commission must provide the following information to be considered. Project Name: DeLo (Downtown East Louisville) Applicant Name: Foundry Builders, Inc. (RMCS, LLC) Main Contact: Justin McClure Address: 1002 Griffith Street Louisville, CO 80027 Phone: 303.475.2106 Email: justinrmcs@gmail.com Project Location: DeLo and the Core Project Area is bounded by the BNSF to the west, Griffith Street to the north, SH42 (95th Street etc.) to the east, and South Street to the south. Name, Address & Phone of Property Owner of Project Location (if different than Applicant): Same as above. Summary of Project: DeLo was originally conceived in 2008 as a TOD redevelopment per various City of Louisville criteria; the State Highway 42 Framework Plan, MUDDSG (Mixed Use Development Design Standards and Guidelines), the State Highway 42 Access and Control Plan, and the Comprehensive Plan. In 2008, all of the properties within the Core Project Area (approximately 27 acres) were zoned industrial and accommodated uses such as the `old' Aggregate concrete batch plant and maintenance facility, Alpine Lumber, PDI (water testing and treatment company), and BooM, previously known as Explosive Fabricators. Moreover, in 2008, RTD was working on delivering light rail, known as the Northwest Rail Corridor, to the City of Louisville via a dual platform light rail station that was proposed to be located immediately southwest of DeLo. Due to various factors, RTD was unable to deliver light rail, and the Louisville Revitalization Commission, originally formed in 2003, was unfunded due to a lack of redevelopment within the Urban Renewal Area Boundaries. Foundry Builders started acquiring properties in the Core Project Area in 2010 and successfully assembled approximately 13 acres within 3 years. Subsequently, in recognition that light rail was no longer a catalyst for investment, Foundry Builders approached the City of Louisville with the concept of a "Pedestrian Gateway" located on the previously designated dual platform station. The Pedestrian Gateway was envisioned as a multimodal (vehicular traffic excluded) access point. This key piece of horizontal infrastructure will be critical for DeLo's success as it will provide a multimodal access point to the existing vibrancy of Historic Downtown Louisville. Coupled with the City's willingness to work with the BNSF and fund the Pedestrian Gateway, Foundry Builders structured and proposed the Core Project Area ("CPA") Agreement. The CPA created a "public private partnership" ("P3") whereby a private company provides upfront funding to construct various horizontal infrastructure improvements. The final CPA allowed Foundry Builders to purchase 4.5M in double tax-free bonds, exclusively for public improvements, thereby permitting DeLo to move forward with 60 luxury town homes; 130 Class -A apartment homes; 30,000 square feet of