City Council Agenda and Packet 2020 04 17 SP

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SUBJECT: RESOLUTION NO. 32, SERIES 2020 DATE: APRIL 17, 2020 PAGE 2 OF 3 or remain a viable business in the short-term. If numerous businesses are not able to re -open or stay open, there will be a detrimental impact to the URA with increased vacancies and potential spread of blight if other businesses are not easily able to fill vacant store fronts. Since the Emergency Solutions Grant program will be administered by the City, the LRC can elect to participate by entering into an agreement with the City specifically to allocate funding for businesses that apply and are located within the URA boundaries. Applications will be reviewed either by City staff or a review committee; eligibility, including businesses location, would be determined by the review process. The agreement between the City and the LRC would provide additional funding in an amount to be determined by the LRC. The City would administer the grants, with reimbursement from the LRC for grants made to businesses within the URA. Businesses within the URA would utilize the same grant process as others in Louisville; the only difference would be location within the URA would determine the ultimate source of funding. Staff plans to review the above information with the LRC at its April 15 meeting, as much of this detail has been developed since their agenda packet was published last week. Staff will gauge LRC's interest in this arrangement and amount of funding. The City Attorney has prepared a Resolution to approve a cooperation agreement between the City and LRC; it is attached to this memo for consideration. As staff is still working with the LRC and bond counsel, please realize there may be more information or suggested amendments for the Friday meeting date. All of these steps are contingent on LRC's consideration. FISCAL IMPACT: The proposed agreement between the City and the LRC would provide additional funding available for the Emergency Solutions Grant program, specifically for businesses located in the URA. PROGRAM/SUB-PROGRAM IMPACT: The Emergency Solutions Grant program is related to the sub -program objective to maintain positive business relationships throughout the community and to attract and retain a diverse mix of businesses within Louisville. RECOMMENDATION: Staff recommends approving the Resolution for a cooperation agreement with the Louisville Revitalization Commission to provide Emergency Solutions Grant program funding, contingent upon LRC consideration of the matter. ATTACHMENTS: 1. Resolution 2. Urban Renewal Area Map CITY COUNCIL COMMUNICATION