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Revitalization Commission <br />Minutes <br />October 14, 2019 <br />Page 2 of 5 <br />Business Matters of Commission <br />• Public Hearing <br />Chair Fisher opened the public hearing. <br />• Open public hearing <br />Finance Director Kevin Watson presented the 2020 LRC budget. The budget <br />was presented to City Council; they had no comments. City Manager Balser <br />noted there is $75,000 for Fire District; it is a place holder and will be left in until <br />after the election. <br />• Close public hearing <br />• Commission discussion <br />The LRC budget is on the City Council consent agenda for approval at the <br />October 15th meeting. <br />• Action to submit budget to city for review and approval by the City council <br />Debra Basket moved to approve the 2020 LRC budget, Steve Fisher seconded. <br />All in favor. Approved. <br />• Discussion/Direction of 3rd party review by EPS of Terraces on Main TIF <br />Proposal and Next Steps <br />City Manager Balser said EPS has provided a 3rd party review for the <br />Terraces on Main project. <br />Tim Morzel and Dan Guimond of EPS presented an overview of evaluation of <br />request for TIF by Boulder Creek Neighborhoods. Mr. Morzel reviewed the <br />power point presentation in the packet. <br />There are several key assumptions the most important of which are estimated <br />rents and construction costs. <br />EPS recommendation is that there is a need for TIF. And they recommend the <br />project receive 90%. Two points in favor of the application include proposed <br />first floor retail as an important consideration and Boulder Creek <br />Neighborhoods occupying the second level of the building such that the City <br />would retain a primary employer. <br />