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[COLORADO • SINCE 1878 <br />Cityof <br />Louisville <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 2 <br />SUBJECT: <br />DATE: <br />PRESENTED BY: <br />DISCUSSION/DIRECTION — JOINT CITY <br />COUNCIL/REVITALIZATION COMMISSION DISCUSSION OF <br />FUNDING PARTICIPATION FOR 2021 BALLOT MEASURE FOR <br />TRANSPORTATION MASTER PLAN IMPLEMENTATION <br />MAY 25, 2021 <br />MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />City Council continues to work on potential 2021 Ballot measures, including <br />Transportation Master Plan (TMP) implementation. The TMP initiatives under <br />consideration are six underpass projects, three of which are located in the Highway 42 <br />Urban Renewal Area (URA). Between March and early May 2021, City Council and the <br />Louisville Revitalization Commission (LRC) have both had several opportunities to <br />discuss these initiatives —including potential LRC participation in funding projects within <br />the URA. <br />DISCUSSION: <br />At its April 13 meeting, Council indicated a desire to pursue an approximately $50M <br />TMP implementation package that includes the construction of six underpasses. The <br />underpass projects include: <br />• Hwy 42 underpass @ Short Street <br />• Hwy 42 underpass @ South Boulder Road <br />• South Boulder Road underpass @ Main Street <br />• South Boulder Road underpass @ Via Appia Way <br />• BNSF/Bullhead Gulch underpass <br />• Dillon Road underpass @ Power Line Trail <br />The first three projects listed above are within the Highway 42 Urban Renewal Area. At <br />the April 13 meeting, Council very conceptually discussed that contributions from the <br />LRC to the three underpass projects could greatly assist in the accomplishment of the <br />projects for which the City will otherwise need to issue bonds and make reductions in <br />the existing Capital Improvement Plan (CIP). Since the 25-year life of the TIF provision <br />for the HWY 42 URA ends in 2032, Council considered if the LRC might be willing to <br />contribute $500,000 per year for the last 10 years of the URA. <br />City Council also had a follow-up TMP implementation discussion at its May 4 meeting <br />(please see Attachment #1 for a copy of the agenda materials). Council continues to <br />advance a $50M package including the six projects listed above. The May discussion <br />focused more on use of existing sales and use tax revenue from the Capital Projects <br />Fund to repay the bonds as well as debt financing scenarios and ballot language <br />CITY COUNCIL COMMUNICATION <br />Agenda Packet P. 2 <br />