City Council Agenda and Packet 2019 04 02

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broken into two pieces; the base and the increment over the base. That increment is split between the City (90%) and the remainder is for payment to Boulder County (10%). Director DeJong reviewed projects in nearby cities that use this type of payment assistance, including some in Lafayette and Erie. He noted two of the possible policy considerations Council may want to address for these types of requests. 1) Should Urban Renewal funding only be used to remove blight factors found within the Urban Renewal Area or can it be used to prevent the spread of blight? 2) Does the City want to be competitive with our neighboring communities in attracting private reinvestment within our Highway 42 Renewal Area? Staff is recommending approval of the TIF rebate agreement. Steve Fisher, chairman of the LRC, stated the LRC brought this forward in hopes of keeping Boulder Creek in Louisville and in downtown. It stated it should be noted this funding is not coming out of the General Fund. Without the building there is no funding. He stated this is a legitimate tool in our tool box and we should start using it. Applicant presentation: David Sinkey, 712 Main Street, stated the significant delay from the first proposal to this was because when looking for highest rents for office space you need to have parking onsite. Between the feedback on the building and construction costs he stated they didn't know if they should move forward on this. He then wanted to know if this would be a good project for a TIF rebate request. Would this be a benefit to the community, is this a tool set that should be used or not? There seems to be some fear that if Council uses this option on this project others will ask for it as well. That should be the hope. If other projects come forward Council can decide if they are worthy. If you don't want to see redevelopment than you don't need this tool. From an investor's perspective clarity on knowing if this is a tool Council wants to use or not would be helpful. Public Comments. Jean Morgan, 1131 Spruce Street, stated subsidizing this project would be setting a precedent in downtown and it would be in conflict with HPF to preserve buildings. We love the flavor of Main Street and don't want bigger buildings downtown. This building will most likely be office use. Downtown revenue is stable and we don't need this. Why subsidize this for redevelopment when have a tax for historic preservation? Cindy Bedell, 662 West Willow Street, stated she understands any increase in taxes would not go to City, the Fire District, BVSD, or the County. Boulder Creek is not guaranteeing retail will be on this site. She thinks this is a bad precedent and the money should be used for a project of public benefit not for a private company. Rick Kron, 746 West Fir Court and DBA President, stated the DBA supports the rebate to eliminate blight on this site. The return on investment is low on this project and the TIF 19