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Revitalization Commission <br />Minutes <br />August 14, 2017 <br />Page 2of4 <br />Business Matters of Commission <br />DELO Tour <br />LRC members and staff commenced on a tour of the DELO site with Justin McClure. <br />DELO Lofts Application <br />Justin McClure took questions regarding Foundry Builders application for a $1 m <br />increase in bonding authority for infrastructure improvements at the DELO Lofts project. <br />Key component is DELO Lofts east. <br />McClure said 3 key components for the request include: <br />1. Defray increased costs to DELO lofts west <br />2. Encourage development of last piece of land they have access to <br />3. Offset further increased costs of development. <br />McClure is envisioning a boutique hotel and retail with retail on the bottom. <br />McClure said significant grading work to be done. Foundry does not currently <br />own/control the property. <br />Commissioner Menaker said the uses complement each other. He is supportive of <br />looking at it as an integrated project. It makes sense to "increase the debt ceiling." He <br />would like a contingency saying the agreement does not happen if Foundry/RMCS does <br />not control the land. <br />Economic Development Director DeJong noted that what McClure was presented is <br />different than the submitted application. DeJong has to review McClure's new proposal <br />in order provide a recommendation to the LRC. <br />Commissioner Menaker would like staff and applicant to reevaluate the proposal as if it <br />were part of core area with contingency about property ownership. <br />Interim City Manager Balser said staff needs to understand details and come back to <br />LRC. What was presented today was not in the application. <br />Arnold timeline — civil engineering plans have been submitted. <br />Executive Session <br />Chair Fisher requested the Louisville Revitalization Commission (LRC) convene an <br />Executive Session. Attorney Sam Light said the LRC is requesting an executive session <br />for purposes of discussion of pending litigation and real property acquisitions and <br />dispositions to discuss threatened legal action regarding implementation of the 550 S. <br />McCaslin Urban Renewal Plan and to discuss strategy related to the acquisition and <br />disposition of real property. Regarding executive session procedures, the LRC in its <br />Bylaws has expressly chosen to follow the rules applicable to the City Council, and the <br />3 <br />