Revitalization Commission Agenda and Packet 2019 02 11

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Revitalization Commission Minutes January 14, 2019 Page 3 of 5 Eric Hartronft cost per space does not provide true cost. Operation and maintenance costs need to be added. Randy Caranci asked about below grade per space cost. Johnson agrees it is important to add. Adds about 30% to per space cost. Johnson said we can add below and above grade costs. Rick Kron is happy with the look. He suggests changing the word "scheme" to "concept." Commissioner Dalton said the presentation will put the info in front of Council. Some of the considerations need to be quickly available. The presentation to Council is at the January 22nd meeting • Terraces on Main TIF Application for Assistance Mayor Muckle has to leave to attend Finance Committee but supports Terraces package. Council member Lipton will be new liaison. Mayor left meeting at 8:16 am. Terraces on Main is scheduled to go before Council on February 19th. This item was been approved by Planning Commission. Project Summary: 22,020 sf office and retail building First floor retail design First and second floor office Third story serviced for rooftop area 18 parking stalls $6.6m estimated construction costs This is the first application seeking direct financial assistance for redevelopment DeJong gave presentation. Staff believes several blights factor would be alleviated. $119,500 yearly in new tax revenues. Advancement of Urban renewal area. DeJong presented financial information to satisfy the "but for" test: the development will not happen "but for" the assistance provided. Staff recommends the LRC move forward with preparing a development agreement for Terraces on Main project. Staff seeks direction on whether to move forward on redevelopment agreement. David Sinkey, President, Boulder Creek Neighborhood thanked the LRC for consideration. He said Boulder Creek Neighborhoods has been a longtime