Revitalization Commission Agenda and Packet 2019 04 08

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SUBJECT: URBAN RENEWAL 101 TOPICS DATE: APRIL 8, 2019 PAGE3OF6 k.5) The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical and underutilization of vacancy of sites, buildings, or other improvements. The 550 S. McCaslin Urban Renewal Area was established in 2015 by the City Council by Resolution 58-2015. Four (4) blight factors were determined present for the 55 S. McCaslin area. They are: a) Faulty lot layout in relation to size, adequacy, accessibility, or usefulness; b) Deterioration of site or other improvements; c) Defective or unusual conditions of title rendering the title nonmarketable; d) The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical underutilization or vacancy of sites, buildings, or other improvements. Urban Renewal Plans are documents that lay out the qualifying conditions, objectives, implementation, and financing tools for the LRC to implement. City/LRC Cooperation Agreement When the City approved the initial Urban Renewal Plan for the Highway 42 Area the City also approved a Cooperation Agreement between the City and the LRC, which Agreement was amended and restated in 2015. Highlights of the Amended and Restated Cooperation Agreement include: • The City provides administrative and legal support services to the LRC in connection with its operations. • The LRC's budget must be submitted to the City Council for review and approval prior to LRC adoption each year. • Any LRC expenditure not included in its annual budget must be reviewed and approved by the City Council. • Prior to issuing bonds (or any other capital financial obligation or financial obligation extending beyond the end of the current fiscal year) must be approved by resolution adopted by a majority of the City Council finding the City's interests in connection with such bonds or other obligations are adequately protected. • As provided in the Urban Renewal Plan, the City Council must approve allocation of any municipal sales tax increment. • Also as provided in the Urban Renewal Plan, the City Council must approve by resolution any redevelopment agreement or other contract with developers or property owners. Tri-Party Agreement with the City, LRC, and Boulder County When the Highway 42 Urban Renewal Plan was approved, a Tri-Party Agreement among the City, LRC, and Boulder County was executed to commit a portion of the TIF revenues back to the County during the life of the TIF collection period (25 years). The original agreement committed to the LRC paying to the County 14.3% of annual TIF revenues starting January 1, 2015, not to exceed $6,150,000 in total payments to the LOUISVILLE REVITALIZATION COMMISSION