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SUBJECT: URBAN RENEWAL 101 TOPICS <br />DATE: APRIL 8, 2019 <br />PAGE 5 OF 6 <br />Assistance is generally provided to projects for public infrastructure improvements <br />needed to facilitate the revitalization of property within the Urban Renewal Area. <br />Typical public infrastructure investments may include but are not limited to unifying <br />streetscape elements, improving access and circulation, improving streets and parks, <br />providing for railroad corridor improvements and grade separation, providing for parking, <br />completing utilities. The infrastructure can be either public infrastructure or <br />infrastructure that is privately owned, but needed to enhance the public benefit of the <br />project. <br />The LRC has completed three major infrastructure investments to date. They include <br />the South Street Pedestrian Gateway, the Delo area public infrastructure, and the <br />Alfalfa's/Centre Court apartments sidewalk and on -site detention project. The LRC <br />utilizes an Urban Renewal Assistance Application for property owners to request <br />assistance for their project. <br />• Direct Financial Assistance <br />LRC assistance can also come in the form of direct financial assistance to achieve <br />financial feasibility for the project. If a project requests direct financial assistance, <br />additional information is required of the applicant to determine whether the project <br />needs it. Project seeking direct financial assistance uses the same application as for <br />public infrastructure, except for the added requirement to provide financial information <br />showing the project will not occur but for the assistance. <br />Several Colorado municipalities have provided direct assistance to private <br />developments. Through conversations with colleagues running other authorities or <br />doing research on websites, the following is a list of such projects spurred by TIF <br />assistance directly: <br />• Colorado National Bank in Denver — Restoration and redevelopment of the <br />historic building into a luxury hotel. $10,000,000 TIF reimbursement assistance <br />to the project. <br />• 2460 Welton development in Denver — redevelopment of a vacant lot into a <br />residential and retail mixed use building. $1,350,000 in developer <br />reimbursement through property tax TIF. <br />• Marriott in Colorado Springs - $15,000,000 TIF bond to construct a parking <br />structure for a new Marriott property. <br />• Cannon Mine Cafe and The Post in Lafayette — tenant improvement assistance <br />through existing TIF revenues <br />• Hilton Garden Inn in Arvada - $3,200,000 in land contribution and lodging tax <br />revenues <br />• Arvada Ridge Marketplace — $6,670,000 Sales and Property Tax Pledge to <br />encourage the redevelopment <br />The decision to approve a TIF agreement for a project is not a part of the Planned Unit <br />Development (PUD) process. The PUD process relates to whether the project meets <br />LOUISVILLE REVITALIZATION COMMISSION <br />