Revitalization Commission Agenda and Packet 2021 04 14

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Revitalization Commission Minutes March 10, 2021 Page 3 of 6 Amendment was prepared to extend agreement and increase the assistance amount from $275,000 to $295,197. Council approved the First Amendment on February 16, 2021. It is before the LRC today for final approval. The LRC expenditure will come due upon construction acceptance of the project. Ms. Iglesias thanked the LRC for the support. Commissioner Smith made a motion made to approve Resolution 21-04. Commissioner Gambale seconded. Roll call vote Commissioner Smith - yes Commissioner Tofte - yes Chair Adler - yes Commissioner Gambale - yes Commissioner Gorsevski - yes Commissioner Williams- yes Motion passes • Discussion/Direction — Urban Renewal Overview Director Pierce noted that with new members on the LRC, this is a good time to refresh our understanding of LRC role in two Urban Renewal Areas (URA) Louisville has. The LRC purpose all ties back to elimination and prevention of blight. Director Pierce provided a high level overview of what is outlined in the memo: The URA is guided by URA law. The LRC has been provided guidance on statutory law by our City Attorney. There are two plans. If they are modified, or if there is a new plan, there will be new requirements based on recent State statutes. Determination of blight is based on 11 blighting factors, tied to each URA. The Hwy 42 URA has nine blight factors, the McCaslin area URA has four blight factors. There is a two-step legislative process used to assess conditions and certify the blight. The conditions surveys are done by firms that have expertise in this area and make a recommendation to City Council. She explained that URA Plans are documents that lay out condition, objectives, implementation and financing tools for the LRC. The Hwy 42 URA was established in 2006. The 550 McCaslin Area URA was established in 2015. LRC makes decisions as to how proposed projects help address blight factors. Agenda Packet P. 4