Revitalization Commission Agenda and Packet 2021 06 30

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SUBJECT: DRAFT COOPERATION AGREEMENT FOR TRANSPORTATION MASTER PLAN UNDERPASS IMPROVEMENTS DATE: JUNE 30, 2021 PAGE2OF5 • Main Street & South Boulder Road • Dillon Road & Powerline Trail • Bullhead Gulch • Via Appia Way & South Boulder Road • Hwy 42 @ South Street • South Boulder Road & Hwy 42 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 so that funds can be used to construct the appropriate projects at the locations since designs and estimates will continue to evolve over the next year plus. The funding direction from the LRC varied slightly from the projections and scenarios staff provided on June 16. As such, the chart on the following page reflects the combined $1.25M and $1.5M contributions as timed by the Commission. The contribution schedule also is now aligned with the City's financing plan, which would call for bond issuance in 2023. The chart employs the same assumptions as previous materials, including: • Support services paid to the City of Louisville for administrative, legal, finance, etc.; • Tax Increment Financing refunds to Boulder County (Tri Party Agreement, 2006); • Tax Increment Financing refunds to the Louisville Fire District (2020); • Bond maintenance and paying agent fees paid to US Bank; • Account maintenance and investment fees paid to US Bank and the City of Louisville; and • Principal and interest payments on the outstanding bonds. Agenda Packet P. 3