City Council Agenda and Packet 2021 02 02

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LL �tY.�' LOUISVILLE REVITALIZATION Lau�sville COMMISSION COLORADO • SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION — APPLICATION FOR ASSISTANCE FOR CORVUS NIDUS LLC, THE ROSE & RAVEN AT 511 EAST SOUTH BOULDER ROAD DATE: DECEMBER 9, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: Corvus Nidus LLC, dba "The Rose & Raven" is the applicant for a new construction project located at 511 E. South Boulder Road. The project includes redevelopment of a former bank building —constructing a new two-story building of approximately 13,000 square feet. The ground floor is for a vintner's restaurant (cidery) and tavern/food hall, and the second floor will provide a large multi -purpose space with auxiliary bar and kitchen storage. The project also contemplates an exterior mobile food court and new outdoor seating and pedestrian areas. The applicant will make a presentation of their concept project and the requested public infrastructure assistance at the December 9 LRC meeting. Staff has reviewed the application and is seeking LRC direction to prepare an agreement for public infrastructure assistance with Corvus Nidus LLC. The agreement would then be reviewed for action by LRC at a future meeting before being advanced for City Council approval. Lastly, LRC would approve the final agreement after Council action. BACKGROUND: The subject property, located in front of the Village Square Shopping Center on East South Boulder Road, has not been occupied since 2015. The prior occupants include a bank, a mortgage company, and most recently, the DaVinci Institute. According to City records, this building has not housed a sales tax generating use in at least the last 20 years. This project has been in the works for much of 2020. In March 2020, Corvus Nidus LLC received a Business Assistance Program incentive for building permit fees, construction use tax, and sales tax rebates from the City of Louisville. Also, on November 17, 2020, City Council approved a Code amendment to allow for a mobile food truck court, as well as approved the Planned Unit Development (PUD) and Special Review Use (SRU) for 511 East South Boulder Road. While the owners originally envisioned redevelopment of core and shell along with tenant improvements, further due diligence has led to a determination of demolition and new construction. The estimated total cost of the redevelopment project is $3,335,000, not including land or holding costs. The project team notes the intent for site work to begin this winter with hopes of an opening in late summer 2021. Corvus Nidus LLC is requesting an agreement for public infrastructure assistance on right-of-way work, including: LOUISVILLE REVITALIZATION COMMISSION 29