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Revitalization Commission <br />Minutes <br />July 7, 2021 <br />Page 2 of 4 <br />Business Matters of Commission: <br />Discussion/Direction — Draft Cooperation Agreement for Transportation <br />Master Plan Underpass Improvements <br />Economic Vitality Director Megan Pierce began by noting that at the end of the <br />June 30t" meeting, there was a motion made my Commissioner Gambale and <br />seconded by Commissioner Tofte; the motion was continued to today. There <br />will be discussion and if there is a desire to change direction, a friendly <br />amendment to the continued motion can be made and discussed. <br />Option #1 in the packet is a recap of the continued motion. Two other options <br />are presented in the packet. Option #2 is simplified: the same amount of money <br />as in Option #1, but without a split between projects. Option #3 aligns more <br />closely with Option #1 in that it provides for a funding split, but would allocate <br />more toward the Main Street/South Boulder Road project if only one underpass <br />is constructed. <br />Attorney Cotton -Baez confirmed it is legal for the LRC to present stipulations in <br />the Cooperation Agreement. The LRC can make its prioritization clear to <br />Council, understanding that there is still much work to be done to develop the <br />project concepts. Staff and Commissioners discussed bond counsel's input that <br />stipulations on projects would not have an adverse effect on a future bond <br />issuance. <br />Director Pierce also briefly reviewed the updated financial information in the <br />packet and reiterated the process timeline. If there is clear direction from LRC, <br />the goal remains to take a Cooperation Agreement to City Council on July 13. <br />Council member Leh discussed Council's rationale for prioritizing and how this <br />linked with potential LRC contributions. He noted that Council has indicated a <br />prioritization, but that it is a snapshot of where projects are now and that things <br />could certainly change. <br />Commissioner Gambale is confident Option #1 provides what the LRC wants to <br />accomplish and highlights the Commission's priorities. <br />Commissioner Tofte asked staff for further explanation about bond counsel's <br />input and impact prioritization could have on the City's future bonding. City <br />Agenda Packet P. 16 <br />