Revitalization Commission Agenda and Packet 2020 06 10

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LL 1ty.�f REVITALIZATION COMMISSION Lou�sVi I I e- COLORADO -SINCE 1.878 SUBJECT: RESOLUTION NO. 20-03, A RESOLUTION APPROVING AN AGREEMENT FOR PROPERTY TAX TIF REVENUE SHARING, HIGHWAY 42 REVITALIZATION AREA, WITH THE LOUISVILLE FIRE PROTECTION DISTRICT DATE: JUNE 10, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The LRC considered a proposed property tax TIF revenue sharing agreement with the Louisville Fire Protection District (LFPD) starting in 2019. In September 2019, the LRC chose to advance a TIF revenue sharing agreement to City Council for approval. Due to the Fire District having a mill levy item on the November ballot, City Council consideration of the approved agreement was not pursued last year. At its January 13, 2020 meeting, the LRC considered an agreement that had been updated to reflect the new mill levy approved by voters for the Fire District and agreed to again advance the proposed agreement to City Council. The agreement for property tax TIF revenue sharing between the City, the LRC, and the Fire District was presented to the City Council on February 18, 2020 (included here as Attachment #1). City Council reviewed the agreement and the request for funds in light of the November ballot initiative. Councilmembers discussed several ways to potentially amend the agreement for revenue sharing, but ultimately felt the LRC should reconsider the item in light of its discussions on long-term funding projections. The City Council continued consideration of the agreement to the May 19 regular meeting. DISCUSSION: Based on the Fire District's revised request of an agreement for TIF revenue sharing on only 100% of the new 3.900 mill levy, staff presented updated approval documents to City Council on May 19. The City Council unanimously approved the agreement. To finalize the arrangement, the LRC must now also adopt the agreement. RECOMMENDATION: Consider adopting Resolution No. 20-03, approving an agreement for property tax TIF revenue sharing for the Highway 42 Revitalization Area, with the Louisville Fire Protection District. ATTACHMENTS: • Attachment #1: Resolution and Agreement LOUISVILLE REVITALIZATION COMMISSION Agenda Packet P. 8