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Revitalization Commission <br />Minutes <br />October 9, 2017 <br />Page 2of3 <br />be workarounds enabling the LRC to use funds. Randy Caranci said other underpasses <br />do not take up a lot of space. He also said drivers do not heed traffic signals for <br />pedestrians. He encourages challenging Boulder County as he is passionate about <br />having an underpass. <br />Reports of Commission <br />Chair Fisher reported that the South Street Underpass ribbon cutting was a success. <br />Commissioner Lebek has moved to Longmont and will no longer be able to serve on the <br />LRC. Interim City Manager said we are advertising for the position. She will notify the <br />Mayor. <br />Business Matters of Commission <br />Draft 2018 LRC Budget Discussion <br />The LRC budget isn't a component unit within the City of Louisville and its budget is not <br />part of the City's Budget. <br />DeJong walked through revenue — increase of 60% over last year and significant interest <br />income. DeJong reviewed LRC expenses. Commissioners asked various questions <br />about expenses. Staff estimates a 2018 ending fund balance of approximately <br />$800,000. <br />Commissioner Menaker would like a summary given to Council. <br />Interim City Manager Balser said the money can be used for infrastructure <br />improvements. Commissioner Menaker said money could be accrued and used to pay <br />off debt. Discussion of various projects including parking, streetscaping. <br />Commissioner Menaker is in favor of conserving cash. What would be the costs of an <br />RFP for preliminary design for streetscaping? <br />Commissioner Lathrop said sometimes, having a large fund balance is troubling to public <br />— can put money into a line item for bond repayment. <br />Randy Caranci said he has offered land under his property on Front St for underground <br />parking. He is willing to finance. Then City owned land could be sold to finance the <br />underground parking. <br />Commissioner Tofte is in favor of a fund for bond repayment. <br />Timing of TIF revenue from the Coal Creek Station project is unknown. <br />Kaylix extension through Christopher Village could be a future LRC project. <br />Interim City Manager Balser said in 2018 a transportation master plan will be done and <br />there may be projects there. <br />3 <br />