City Council Agenda and Packet 2021 02 02

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SUBJECT: APPLICATION FOR ASSISTANCE: CORVUS NIDUS LLC, THE ROSE & RAVEN AT 511 EAST SOUTH BOULDER ROAD DATE: DECEMBER 9, 2020 PAGE 3 OF 6 k.5 High Service Requirements or Site Underutilization The Conditions Survey identified 511 E. South Boulder Road as the "Valley Bank" building, and it was not found to have blight factors at the time of the study. This property is on the very western edge of the URA. However, as Corvus Nidus LLC describes in the application, this property has deteriorated significantly since the time of that assessment. Having been unoccupied for such an extended period, there has not been adequate care to the building or its immediately surrounding area. The right -in, right -out access to South Boulder Road in front of the 511 building is highly trafficked for patrons of the Village Square Shopping Center. The prior use as a bank building with much of the property dedicated to drive-thru lanes has created limitations for past parties interested in the property. The application for Corvus Nidus identified four of the eleven blight factors they believed to be present at the property: • (A) Vacant structure that has sustained structural damage, including full roof replacement, foundation cracks, and inefficient site drainage. • (C) Building is surrounded on all sides by traffic lanes and is constrained on three sides with vehicular and utility easements. This impacts landscape improvements, site drainage, and restricts pedestrian circulation. • (D) Structure is poorly lit or unlit and is surrounded by cracked and uneven sidewalks. Applicant cites reports of vandalism and vagrancy as well as trash, graffiti, weeds, and illegal parking due to long-term vacancy. • (1) Building has sustained significant water damage due to poor design. Repair costs exceed new building construction due to necessary clean-up and remediation. Staff generally concurs with the factors presented by the applicant. It would be unlikely that a new commercial tenant could be found for the building as it exists today, though some of the constraints have been created by the building as constructed and prior tenant uses. The lack of recent maintenance and investment by property owners has caused significant deterioration. Positive Effect on Property Values: The project when completed should have a positive impact on property value. According to Boulder County property records, the building's current value is $624,823, with an assessed value of $181,199. The property tax estimate for both the building and the land is $33,334. By contrast, the commercial center immediately east of the 511 building, at 765 E. South Boulder Road, is valued at $2,245,000, with an assessed value of $651,050. The property tax estimate for that property is $60,061. LOUISVILLE REVITALIZATION COMMISSION 31