City Council Agenda and Packet 2021 02 02

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sty4, CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 413 COLORADO • SINCE 1878 SUBJECT: APPROVAL OF RESOLUTION NO. 6, SERIES 2021 — A RESOLUTION APPROVING A PUBLIC INFRASTRUCTURE ASSISTANCE AGREEMENT BETWEEN THE CITY OF LOUISVILLE, THE LOUISVILLE REVITALIZATION COMMISSION, AND CORVUS NIDUS LLC (THE ROSE AND RAVEN AT 511 E. SOUTH BOULDER ROAD) DATE: FEBRUARY 2, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: In December 2020, the LRC received an application for public infrastructure assistance from Corvus Nidus LLC for the planned development project, The Rose & Raven, at 511 E. South Boulder Road. This property is within the Urban Renewal Area (URA). The project includes redevelopment of a former bank building —constructing a new two-story building of approximately 13,000 square feet for a cidery, tavern/food hall, and mobile food truck court. The LRC was supportive of the request for assistance and directed staff to prepare an agreement. DISCUSSION: In December, 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 URA. The Commission also considered the specific work the applicant would perform with the assistance and estimated costs, including: • Improved 8 foot sidewalks; • New curb and gutter; • New street trees; • New 8 foot tree lawn; • New street lighting; • New access agreement for sidewalk; • Cut, patch, and repair of street for water main; • Replacement water main; and • Revised utility easement. Corvus Nidus LLC is requesting $134,758 in total funding assistance for public infrastructure improvements. Commissioners concurred with staff's review that showed Corvus Nidus LLC's proposed project met numerous Objectives of the Highway 42 Urban Renewal Plan, including: • Addresses four blight factors that have developed on the property; CITY COUNCIL COMMUNICATION 16