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LL �tY.�' LOUISVILLE REVITALIZATION <br />Lau�sville COMMISSION <br />COLORADO • SINCE 1.878 <br />SUBJECT: DISCUSSION/DIRECTION — PUBLIC INFRASTRUCTURE <br />ASSISTANCE AGREEMENT WITH CORVUS NIDUS LLC (THE <br />ROSE & RAVEN, 511 E. SOUTH BOULDER ROAD) <br />DATE: JANUARY 13, 2021 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />In December 2020, the LRC reviewed Corvus Nidus LLC's application for public <br />infrastructure assistance at 511 E. South Boulder Road for their planned development <br />project, The Rose & Raven, which is within the Urban Renewal Area (URA). The project <br />includes redevelopment of a former bank building —constructing a new two-story <br />building of approximately 13,000 square feet for a cidery, tavern/food hall, and mobile <br />food truck court. The LRC was supportive of the request for assistance and directed <br />staff to prepare an agreement for discussion. <br />DISCUSSION: <br />The LRC reviewed the application for assistance against three goals: 1) Removal of <br />blight factors; 2) Positive effect on property values; and 3) Advancement of the URA. <br />The Commission also considered the specific work the applicant would perform with the <br />assistance and estimated costs, including: <br />• Improved 8 foot sidewalks; <br />• New curb and gutter; <br />• New street trees; <br />• New 8 foot tree lawn; <br />• New street lighting; <br />• New access agreement for sidewalk; <br />• Cut, patch, and repair of street for water main; <br />• Replacement water main; and <br />• Revised utility easement. <br />Corvus Nidus LLC is requesting $134,758 in total funding assistance for public <br />infrastructure improvements. <br />Commissioners concurred with staff's review that showed Corvus Nidus LLC's proposed <br />project met numerous Objectives of the Highway 42 Urban Renewal Plan, including: <br />• Addresses four blight factors that have developed on the property; <br />• Seeks to enhance the relationship between this property and the adjacent Village <br />Square Shopping Center as well as nearby residential areas; <br />• Raises future property values well above current level and will generate new <br />sales tax revenue for the City; <br />LOUISVILLE REVITALIZATION COMMISSION <br />Agenda Packet P. 24 <br />