Revitalization Commission Agenda and Packet 2017 08 14

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In conclusion, Foundry Builders is proposing to amend the Core Project Area Agreement to privately purchase an additional 1M in double tax-exempt bonds. This funding will allow additional improvements within the Core Project Area directly benefiting Delo Lofts to be expedited. Specifically, we are proposing improvements that are required for the successful development of (primarily associated with grading constraints) the DeLo Lofts. Included with Exhibit D-1 additional public and private improvements benefiting the Deborski parcels and Coal Creek Collision, and other public improvements, most notably, the relocation and enhancement of the "miners cabins" to Nawatny Geenway have been included. Estimated Total Cost of Project: The Core Project Area assumed a completed project value of approximately 83M with public horizontal infrastructure costs in excess of 12M. To date, the completed project value is north of 110M with public horizontal infrastructure costs comprising approximately 15M of the completed project value. Summary of Request for Assistance: Foundry Builders is requesting to privately fund an additional 1M in double tax free bonds. This private funding will allow the development of the Lofts and continue to catalyze redevelopment efforts (please reference Exhibit D-1 to the proposed Amendment to the Core Project Area Agreement for eligible public improvements) throughout the Core Project Area. Most importantly, the proposed private funding would allow the completion of DeLo. Additional Items to be submitted as Attachments: 1) Detailed description of the Project with supporting visuals (i.e. plans, designs). 2) Applicant's experience with similar projects, if applicable. 3) Detailed description of the request for assistance from the Urban Renewal Authority. 4) Description of the community benefits resulting from the Project, including the blight conditions the project will address (complete Attachment C with description). 5) Discussion of how the project improves the project property and neighboring properties. 6) Financials for the project. Applicant must provide a 10—year proforma for the project, a Sources and Uses Budget for the entire project, and assumptions for retail sales and assessed value of the Project for residential and commercial uses by year. (not required if requested assistance is only for public infrastructure) 7) Timeframe of implementation of the Project 8) Discussion of Project risks. Applicant Signature: Name: Date: *Submitted applications and attachments are public documents and the information provided will be provided to and used by public entities to evaluate and describe the project.