City Council Agenda and Packet 2020 04 17 SP

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LLityo L 4- CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 3 COLORADO -SINCE 1878 SUBJECT: RESOLUTION NO. 32, SERIES 2020 — A RESOLUTION APPROVING A COOPERATION AGREEMENT WITH THE LOUISVILLE REVITALIZATION COMMISSION TO PROVIDE EMERGENCY SOLUTIONS GRANT PROGRAM FUNDING (contingent upon Revitalization Commission consideration/ approval) DATE: APRIL 17, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: On April 7, 2020 the City Council briefly discussed the possibility for the Louisville Revitalization Commission (LRC), which is the City's Urban Renewal Authority, to participate in the Emergency Solutions Grant Program. Staff has coordinated with the City Attorney and also bond counsel in preparation for an April 15 LRC meeting. DISCUSSION: The LRC administers Tax Increment Finance (TIF) funds within the Highway 42 Revitalization Area. The original Highway 42 Revitalization Area Urban Renewal Plan was adopted in 2006. The Plan purpose is stated as: "To reduce, eliminate, and prevent the spread of blight within the Urban Renewal Area (URA) and to stimulate growth and reinvestment within the Area boundaries, on surrounding blocks, and throughout downtown ... The rehabilitation and redevelopment of properties within the Urban Renewal Area will be accomplished through the improvement of existing structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area. The effort will involve the Commission and City with participation and cooperation by the private sector." In its efforts to reduce, eliminate, and prevent the spread of blight, the LRC has issued bonds to fund public improvements and infrastructure within the core area, entered into agreements with private entities to provide financing and financial assistance with infrastructure and redevelopment projects, and provided funds to the City to participate in capital projects benefitting the URA. A map of the URA is attached as reference. While the LRC has not previously administered or participated in funding a grant program, staff discussions indicate this is feasible if structured properly. One of the development objectives from the Highway 42 Plan is in fact to "encourage continued presence of businesses consistent with the plan vision" (Section 4.2(h)). The Emergency Solutions Grant Program is focused on assisting small businesses that have been significantly impacted by the COVID-19 pandemic in order to assist such businesses continue operations. The application package currently being developed seeks to identify those most in need and at significant risk of not being able to re -open CITY COUNCIL COMMUNICATION