Revitalization Commission Agenda and Packet 2022 02 09

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cityof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: 824 SOUTH INC. PROJECT CLOSE-OUT DATE: FEBRUARY 9, 2022 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: On April 15, 2020, the City of Louisville and the Louisville Revitalization Commission (LRC) executed an Agreement for Public Infrastructure Assistance with 824 South Inc. The developer proposed to convert an existing residential structure into two commercial properties (824 South Street and 957 Main Street) in Downtown Louisville. The Assistance Agreement pledged funding reimbursement for: public and private infrastructure improvements such as sidewalks, curb and gutter, alley pan, brick paving accents, street trees in tree grates, and decorative street lights; extension of adequate utilities to the site including water, sanitary sewer, and storm sewer, including removal of existing non -confirming utilities and cutting/patching street and alley; and work to provide adequate power and gas from off -site. The funding was capped at the applicant provided cost estimate of $275,000. On March 10, 2021, the LRC approved a First Amendment to the Public Infrastructure Assistance Agreement. The Amendment allowed the applicant more time to complete the project given some construction delays, and also slightly increased the funding reimbursement from $275,000 to $295,196.52. As required by the Assistance Agreement, the project received construction acceptance from the City in December 2021. The applicant then submitted documentation to show completion and payment of the covered project items. Staff reviewed these expenses and confirmed a reimbursement of $294,108.39. A check request has been processed for the reimbursement and from the LRC perspective, this project is now completed. A copy of the close-out letter is enclosed as Attachment #1. ATTACHMENTS: • Attachment #1: Project Close -Out Letter to 824 South Inc. Agenda Packet P. 9