Revitalization Commission Agenda and Packet 2021 06 30

Home Browse Search

L Cityo,- Louisville COLORADO • SINCE 1878 LOUISVILLE REVITALIZATION COMMISSION SUBJECT: DISCUSSION/DIRECTION- DRAFT COOPERATION AGREEMENT FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS DATE: JUNE 30, 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). Commissioners determined there was sufficient discretionary funding in the URA's future to participate in funding underpass improvements from the Transportation Master Plan that City Council is currently considering for implementation. The LRC directed staff to develop a draft Cooperation Agreement to propose to City Council through which the LRC would annually contribute $1.25M to underpass improvements in fiscal years 2023 — 2027 and $1.5M in fiscal years 2028 — 2032. This results in funding of $13.75M over the remaining life of URA. DISCUSSION: On June 17, staff communicated to Council LRC's intent to enter into an agreement to contribute funding. That evening, City Council further considered the program of six potential underpass projects, including updated cost estimates, financial considerations, and possible ballot language. A copy of the June 17 Council meeting materials is included as Attachment #1. Commissioners may also wish to watch a recording of the meeting, which is available on the City's website: https://www.louisvilleco.gov/local-government/meeting-videos. The focus of the June 17 meeting was around the updated underpass concept designs and associated cost estimates. A number of the underpasses were presented with a best, recommended design, but one that may be reduced in scope to meet financial parameters. This means that a number of the cost estimates appearing in the materials are much higher than those previously presented; estimates now also include 50% contingency amounts since projects are still only at a 10% level of design. The Council discussed a balance of design level (an underpass that is a gateway or more utilitarian) but also scaling projects so that more improvements could be constructed. A priority list of projects was determined as well as a targeted ballot amount. Council directed bond counsel and staff to work with language around a $50M bond issuance, which is anticipated would accommodate underpass improvements at the top four of the six prioritized projects, as listed below: Agenda Packet P. 2