Revitalization Commission Agenda and Packet 2019 10 14

Home Browse Search

Revitalization Commission Minutes September 9, 2019 Page 2 of 3 Commissioner Adler wants to talk about Economic Vitality Strategy and Phillips 66 site at the next meeting. Business Matters of Commission • Transportation Master Plan presentation Planning and Building Safety Director Rob Zuccaro walked LRC through the first ever Transportation Master Plan (TMP). It is a consolidated document that informs capital improvement planning and funding investments. Staff took input last year. Zuccaro reviewed the presentation in the packet. Council has $8m for transportation related projects in the future Capital Projects Fund. Director Zuccaro described the different sections of the plan, including the creation of transportation policies, programs and projects. The project list is a 20 year vision and there is not sufficient funding for all of the desired improvements. The plan includes a discussion of funding options and prioritizes projects to help inform shorter term capital improvement planning. Highway 42 improvements are likely of particular interest to the LRC and could have positive impacts to supporting redevelopment in the urban renewal area. City Council will review and possibly adopt on October 1st. If Council approves, this can be brought back to LRC to consider what projects LRC can prioritize for possible funding in the URA. The future study will be key to see what infrastructure improvements LRC can participate in. • Discussion/Direction of 2020 LRC Budget and 2019 Budget Amendments Finance Director Kevin Watson presented a proposed 2020 budget for the Urban Revitalization District. Director Watson also discussed changes to the pledged revenue calculation that were included. These changes were made after conversations with the City's Bond Counsel, Butler Snow, and resulted in a larger amount of revenue pledged for debt service on the 2014 Property Tax Increment Revenue Bonds. Director Watson also reviewed each account number in the 2020 proposed budget. The Commission moved to direct staff to a public hearing on the budget at the October 14 LRC Meeting and to present to the City Council on October 15. • Discussion/Direction of Agreement regarding Property Tax TIF Revenue Sharing, Highway 42 Revitalization Area Attorney Kathleen Kelly presented an amended property tax sharing agreement with the Louisville Fire District. The proposed agreement contained additional language recommended by the City's Bond Counsel, Butler Snow. 3