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 PAGE 3 OF 5 16.000.000 14 000.000 12800,000 10.04g000 8..000.000 5.000.000 4 KN .oao 2 000.000 Urban Revitalization District Fund - _I I I<<Iitilt' Revenue Expenditures Fund Balance An updated copy of the corresponding table with revenues, expenditures, and changes in fund balance is also included as Attachment #2. Because the LRC does not have any large outstanding financial commitments other than the Core Area Bonds, this chart does look quite different than the June 16 version. Under the funding commitment, the LRC will have another year of property tax revenues before starting the contributions, and therefore available fund balance will continue to grow in the near -term. Because staff has represented all existing commitments phased over time, the bar showing available fund balance represents funds under the LRC's discretion to spend. Of the three existing agreements for assistance the LRC has in place (712/722 Main Street, 511 E. South Boulder Road, and 824 South Street), only one of those projects is likely to be completed. Staff anticipates $295,200 will be paid to 824 South Inc in budget year 2021. In addition to the direction on funding contributions to the underpass improvements in the URA, Commissioners also provided staff direction on priority. Please recall that three of the six underpass projects being considered are within the Highway 42 URA. Commissioners stated that the South Boulder Road underpass @ Main Street and Highway 42 underpass @ South Street should be communicated as the top two priorities for the LRC in the cooperation agreement. Although staff proceeded with the direction from the LRC on June 16, Council's prioritization and spending cap may generate additional LRC discussion. The $13.75M Agenda Packet P. 4