Revitalization Commission Agenda and Packet 2021 07 14

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Revitalization Commission Minutes June 30, 2021 Page 6 of 6 Commissioner Gambale made a motion to amend the Cooperation Agreement to reflect a new funding contribution: providing $7M for an underpass at Main Street and South Boulder Road and $6M for an underpass at Hwy 42 and South Street. He continued that if the City constructs the underpass at Hwy 42, an additional $5M would be provided in years 2028 — 2032: $500K in 2028; $1 M in 2029, 2030, and 2031; and $1.5M in 2032. Director Pierce created and shared a spreadsheet that compared the funding contribution schedule in the draft Cooperation Agreement with Commissioner Gambale's motion. Attorney Cotton -Baez asked if the $6M for South would be lost if the City did not construct an underpass at the location. Commissioner Gambale confirmed that was his intent. Commissioner Tofte suggested the language around the Hwy 42 underpass should be broader than South Street, depending on the exact location the City might determine. Director Pierce reiterated the motion for clarification and intent. It was clarified the contribution for Main Street and South Boulder Road would be $7.75M, not $7M—to total $13.75M and then an additional $5M for both projects. Commissioner Tofte seconded the motion. Commissioners then continued discussion about the motion. Council member Leh commented about the legal implications of the motion and unintended consequences that could require a special meeting to clarify. Attorney Cotton -Baez said it is not a question of legalities. The question to Council is whether it creates a sure enough revenue stream when it comes to the repayment of bonds. Commissioner Gorsevski said he would prefer to work with Council and not hamstring them. He is not comfortable putting hard conditions that would jeopardize funds. Commissioners agreed to a special meeting on July 7t" @ 8 AM to discuss the potential revisions to the draft Cooperation Agreement. Commissioners Comments: None. Adjourn: The meeting adjourned at 10:07 am. Agenda Packet P. 14