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City Council Meeting Minutes June11 2019 Page 6 of 15 City Attorney Kelly stated this is not a quasi-judicial process but a policy to guide a discretionary decision making process "It does not compel the Council to take any action one way or another Even adopting this policy does not require Council to take action on any application, it is discretionary Councilmember Loo moved to approve the draft version as amended this evening plus language on "the City's historic preservation goals" Councilmember Keany seconded Vote 6-1 Stolzmann voting no RESOLUTION NO 10, SERIES 2019 — A RESOLUTION APPROVING THE PROPERTY TAX INCREMENT REBATE AGREEMENT WITH 712 MAIN LLC AND 722 MAIN LLC PURSUANT TO THE INTERGOVERNMENTAL AGREEMENT BETWEEN THE LOUISVILLE REVITALIZATION COMMISSION AND THE CITY OF LOUISVILLE — continued from 3/19/19 City Manager Balser stated the Louisville Revitalization Commission (LRC) approved the attached TIF Rebate Agreement with 712 Main LLC and 722 Main LLC at their March 19, 2019 meeting The agreement must also be approved by the Louisville City Council in accordance with the Amended and Restated Cooperation Agreement last approved on November 17, 2015 City Council originally took up the application on March 19, 2019 She noted that Terraces on Main Street is an office and retail redevelopment project proposed by Boulder Creek Neighborhoods at 712-722 Main Street in downtown The redevelopment consists of a new 22,020 sf office and retail building with 18 parking spots Boulder Creek Neighborhoods is requesting a 90% rebate of the expected increase in property taxes generated by the redevelopment over a ten-year period Balser noted the Council Communication includes staff discussion of the criteria just approved as it applies to this request. The Council can approve, deny, modify, or further continue deliberations on the proposed TIF agreement. David Sinkey, 712 Main Street, Boulder Creek Homes, giving the applicant presentation, stated he is confused listening to this conversation There seems to be misunderstanding of how these projects work. The rebate is a rebate of the dollars received, the City would never have to refund revenue it has not received He is also confused by the subjective discussion of blight. The Colorado Revised Statutes (CRS) define blight; once an area is deemed blighted, there is no subjective way to say one parcel or another is not blighted, there is no additional criteria needed, it is already designated as such He finds it very frustrating the discussion is not accurate The goals are clear in the Hwy 42 Plan Discussing benefiting one company over another is not a proper question if a project meets the objectives The goal of the TIF is to bridge the gap between economic feasibility and not having a project. Unless the financial gap is solved, the project can't move forward