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11: City,/ <br />im Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: <br />DELO LOFTS WEST/EAST PUBLIC INFRASTRUCTURE <br />APPLICATION FOR ASSISTANCE <br />DATE: APRIL 8, 2019 <br />PRESENTED BY: AARON M. DEJONG <br />SUMMARY: <br />Foundry Builders, Inc. has submitted an application for assistance from the Louisville <br />Revitalization Commission for public infrastructure improvements to facilitate the Delo <br />Lofts West project and a future Delo Lofts East project. This memorandum analyzes <br />the project with the existing review structure, estimates the potential TIF revenues, <br />discusses the relationship to existing financial commitments, and provides discussion <br />topics for the LRC to consider. <br />Staff requests an initial LRC discussion about the project whether to advance the <br />project for further discussion and review. <br />BACKGROUND: <br />Foundry Builders is working on a redevelopment of two properties within the Highway <br />42 Core Area boundary, Delo Lofts West and Delo Lofts East. <br />Delo Lofts West is a 1.85 acre project directly to the east of Cannon Street and south of <br />Griffith Street. A Planned Unit Development (PUD) was approved by City Council on <br />December 6, 2016 and consists of 33 apartments and 8 live -work housing units. <br />Delo Lofts East is a proposed redevelopment of a 2.4 acre parcel directly adjacent to <br />Highway 42 between the Old Style Sausage and Louisville Tire Center parcels. <br />Proposed used include a 45 room boutique hotel and 11,500 sf of retail/restaurant <br />space and 115 parking stalls adjacent to Highway 42. The project has not submitted <br />plans to the City of Louisville for PUD review. <br />Foundry Builders is requesting $1,225,500 in public infrastructure assistance by way of <br />an increased allotment of the Core Area TIF bonds with the same terms as the original <br />bonding (7% interest rate). <br />DISCUSSION: <br />The LRC with previous applications have reviewed projects based on it furthering the <br />following three goals: <br />• Removing Blight Factors <br />• Effect on Property Values <br />• Advancement of the Urban Renewal Area <br />LOUISVILLE REVITALIZATION COMMISSION <br />