Revitalization Commission Agenda and Packet 2021 07 14

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Revitalization Commission Minutes June 16, 2021 Page 3of7 Commissioners asked questions about other opportunities for future LRC funding. Director Pierce clarified that LRC TIF funds cannot be spent related to any redevelopment of the 550 S. McCaslin property. Although there is an established Urban Renewal Plan, it prohibits tax increment financing. The Commission discussed the application for assistance program and future projects. Director Pierce reviewed the LRC's purpose, which must connect projects and financing with the prevention and elimination of blight. She explained the difference between funding infrastructure vs. grants or incentives. In addition, she answered questions related to the process for pledging funds at the end of the life of the urban renewal area. It is possible for the LRC to pledge additional funds to the underpass improvements at a later date, but this will not assist City Council on the ballot or bonding. Commissioner Tofte indicated both the $1 M and $1.51VI funding scenarios are realistic. Responding to his question, Director Pierce expanded on projects the LRC could pursue in downtown, such as enhancement of the Steinbaugh Pavilion, in partnership with the Downtown Business Association. She felt the most opportunity for redevelopment is with industrial properties along Hwy 42. Chair Adler clarified funding commitments on assistance agreements for 2020 and 2021. She agreed with the funding recommendation of $1 M or $1.5M. She asked to understand any impacts that could be caused by the larger annual contribution. Both Director Watson and Director Pierce provided additional context, and it was noted that delaying contributions to start a year later would allow the LRC to increase available fund balance and go through another year of budgeting to create more certainty. Commissioner Gambale said that there are new property owners along South Boulder Road and that just the contemplation of these underpass projects is spurring interest. He suggested considering a $1.25M annual contribution until the Core Area bonds are completed. Then he suggested the contribution would increase to $1.5M. Commissioner Gorsevski agreed with Commissioner Gambale's suggestion. He also likes the idea of doing an additional pledged contribution in 2032. He and staff discussed whether such a contribution would be disruptive to the planned financing. Agenda Packet P. 4