Revitalization Commission Agenda and Packet 2021 07 14

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Cltyof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: RESOLUTION 21-07: APPROVING A COOPERATION AGREEMENT BETWEEN THE CITY OF LOUISVILLE AND THE LOUISVILLE REVITALIZATION COMMISSION REGARDING FUNDING FOR TRANSPORTATION MASTER PLAN UNDERPASSIMPROVEMENTS DATE: JULY 14, 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) and reached consensus on funding support for underpass improvements from the Transportation Master Plan that City Council is currently considering for implementation. At additional meetings on June 30, 2021 and July 7, 2021, the LRC refined its direction to staff to develop a Cooperation Agreement with the City. The LRC's priorities around underpass projects as well as annual funding contribution levels are captured in this agreement. DISCUSSION: The LRC believes the underpass improvements will advance the purpose and goals of the Highway 42 Revitalization Area Urban Renewal Plan. The purpose of the Plan is, "to reduce, eliminate and prevent the spread of blight within the Urban Renewal Area and to stimulate growth and reinvestment within the Area boundaries, on surrounding blocks and throughout downtown." The Plan further provides that "the rehabilitation and redevelopment of properties with the Urban Renewal Area will be accomplished through the improvement of existing structures and infrastructure, attraction of new investment and reinvestment, and prevention of deterioration of properties in the Area." Commissioners feel that underpass improvements are significant investments in infrastructure and public improvements are a means through which to reduce, eliminate, and prevent blight. The Cooperation Agreement advanced by LRC will be considered by City Council on July 13. The same Cooperation Agreement presented to Council is also included with these materials as Attachment #2. Staff will provide a verbal update on July 14 as to the approval status of the Cooperation Agreement. The Agreement conveys the LRC's desired project prioritization that would advance both the Main Street & South Boulder Road underpass ("Underpass at Main/SBR") as well as the Hwy 42 underpass in the general vicinity of the intersection at South Street ("Underpass at HW42/South"). A summary of the key Agreement terms is provided below. Agenda Packet P. 19