Revitalization Commission Agenda and Packet 2017 12 11

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Revitalization Commission Minutes November 13, 2017 Page 3 of 4 use. If you are trying to figure out what future land use is, there is no foundation. If parking component is an issue for Council, he agrees with them and would like to narrow scope. So conduct only a conceptual design of parking on land under City ownership? Interim City Manager Balser said we set ourselves up for questions relating to demand and need, as we will not have the data to review. Revenue from a parking structure will not pay for its costs. Mayor Muckle would like to know how this feeds into transportation master plan. DeJong said showing we need the structure is important to the discussion. Commissioner Menaker would like to redefine the parking analysis. Balser reiterated that she does not know when DRCOG funds will come. She would like to have scope of work in front of us as we talk about it and address current conditions. Would like to discuss at December meeting. Commissioners would like to review the RFP. Would like a review of what is our supply and what is our demand. They would like Planning and Building Safety Director Zuccaro to come to a future LRC meeting and address broader scope. Continue at next meeting with the Parking Analysis RFP. Within the larger budget, instilling a Bond pay -down line item would require Council approval. TIF Model Chair Fisher said residential assessment rate may shrink to 5.5% by 2030. Does that improve our situation? Interim City Manager Balser said we are very balanced between residential and commercial so the changes in assessment rates tend to cancel each other out for Louisville. DeJong said the assessments are preliminary; we do not have final numbers from County. Commissioners reviewed the TIF sheet DeJong provided. The bulk of DELO apartments will hit in 2019. Coal Creek Station has been pushed to later years in the analysis. Commissioner Menaker asked for the total LRC debt to City not including annual staff costs. DeJong said roughly $800k. There was discussion of paying off earlier than 3 years. It is not of real benefit fiscally for LRC to pay the debt off early. Perhaps a note to Council that this debt will be paid off a year earlier than expected. The budget can be amended to accelerate repayment. Mayor said some goodwill may be created in accelerating the repayments. Mayor will consider this and comment in December. Commissioners are good with staff's assumptions. Items for Next Meeting December 11, 2017 Approval of 2018 Budget including potential of paying off debt early. Parking RFP Commissioner Comments: Justin McClure was in car accident. Please keep him in your thoughts. King Soopers has not been aggressive in relation to 550 McCaslin property. Kohl's lease is up late 2019.