Revitalization Commission Agenda and Packet 2021 07 07

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LCityof Louisville COLORADO -SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: DISCUSSION/DIRECTION- DRAFT COOPERATION AGREEMENT FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS DATE: JULY 7, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: At its June 16, 2021 meeting, the Louisville Revitalization Commission (LRC) reviewed long-term financial projections for the Urban Renewal Area (URA) and reached consensus on funding support for underpass improvements from the Transportation Master Plan that City Council is currently considering for implementation. Based on LRC's direction, staff developed a draft Cooperation Agreement, which outlined annual contributions to underpass improvements of $1.25M in fiscal years 2023 — 2027 and $1.5M in fiscal years 2028 — 2032. In addition to the $13.75M in funding, the LRC directed that the Cooperation Agreement should reflect that its highest priority projects were the Main Street & South Boulder Road underpass and the Hwy 42 underpass in the general vicinity of the intersection at South Street (for brevity, "Hwy 42 & South Street"). DISCUSSION: The LRC held a special meeting on June 30, 2021 to review the draft Cooperation Agreement, as well as to reflect on the outcomes of the June 17, 2021 City Council meeting. The focus of the June 17 Council meeting was around updated underpass concept designs and associated cost estimates. City Council agreed to a priority list of projects as well as a targeted ballot amount. Council directed bond counsel and staff to work with language around a ballot question that would provide approximately $50M for project costs, which is anticipated would accommodate underpass improvements at the top four of the six prioritized projects, as listed below: • Main Street & South Boulder Road (Urban Renewal Area) • Dillon Road & Powerline Trail • Via Appia Way & South Boulder Road • Bullhead Gulch • Hwy 42 & South Street (Urban Renewal Area) • South Boulder Road & Hwy 42 (Urban Renewal Area) The Council emphasized that their goal would be to construct surface crossing improvements at the locations where underpass projects may not be financially feasible within the $50M constraint. Based on the prioritized list, surface only improvements are most likely at Hwy 42/South Street and South Boulder Road/Hwy 42, unless other underpass projects are significantly reduced in scope, additional funding is obtained, or construction costs decrease. It is anticipated the ballot language will be written broadly Agenda Packet P. 2