Revitalization Commission Agenda and Packet 2020 04 15

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Cityof lom Louisville COLORADO - SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: RESOLUTION NO. 20-01, A RESOLUTION APPROVING A PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT BETWEEN THE CITY OF LOUISVILLE, THE LOUISVILLE REVITALIZATION COMMISSION AND 824 SOUTH, INC. DATE: APRIL 15, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: On February 12, the LRC reviewed 824 South Inc.'s application for assistance with public infrastructure and utility improvements at 824 South Street / 957 Main Street in downtown Louisville. In converting an existing residential structure and constructing a new building, the project will bring new commercial uses to downtown such as retail, restaurant or small cafe, potential boutique hotel, and/or office space. LRC was supportive of the request for assistance and directed staff to prepare an agreement for discussion. Resolution No. 25, Series 2020, a Resolution Approving a Public Infrastructure Assistance Agreement Between the City of Louisville, the Louisville Revitalization Commission, and 824 South, Inc. was adopted by City Council on March 17, 2020. The Discussion Section, below, contains a brief recap of the LRC's prior review of the application for assistance from 824 South, Inc. The LRC must now approve a Resolution to finalize the agreement. DISCUSSION: The LRC reviewed the application for assistance against three goals: 1) Removal of blight factors; 2) Positive effect on property values; and 3) Advancement of the Urban Renewal Area (URA). Specifically, the conversation focused on the work in the public Right -of -Way (ROW) for which the applicant provided description and estimated costs, including: • Installing new sidewalks, curb and gutter, and alley pan; • Adding brick paving accents, street trees in tree grates, and decorative street lights in conformance with the Downtown streetscape program; • Cutting and patching street and alley for utility improvements and extensions; • Removing non -conforming utilities; and • Providing adequate power and gas from off -site. Prior agreements for assistance structured rebates to be repaid over a period of years as the value of the particular property requesting assistance increased in value. Since this assistance is only for public improvements and utilities, the LRC agreed to not tie repayment to the increase in property value that would necessitate the applicant waiting LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 7