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Cltyof LOUISVILLE REVITALIZATION <br />Louisville COMMISSION <br />COLORADO • SINCE 1878 <br />SUBJECT: TERRACES ON MAIN PROPERTY TAX INCREMENT REBATE <br />AGREEMENT UPDATE <br />DATE: APRIL 6, 2022 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />At the March 9, 2022 Louisville Revitalization Commission (LRC) meeting, <br />Commissioners supported a proposed First Amendment to the Property Tax Increment <br />Rebate Agreement with 712 Main Street LLC and 722 Main Street LLC (Terraces on <br />Main project). The next steps to advance the process included approval of a First <br />Amendment by both City Council and LRC. Please recall that advancing the First <br />Amendment of the LRC agreement was also tied to a proposed PUD extension for the <br />Terraces on Main project. <br />City Council considered the PUD extension at its March 15 meeting. Although the <br />extension was approved, there were questions raised around the linkage with the LRC <br />Property Tax Increment Rebate Agreement and whether that should advance without an <br />updated third party fiscal analysis. Although that is not legally required based on how <br />the First Amendment had been drafted to only extend the agreement timing, staff <br />reviewed the questions and process with the applicant. <br />At this time, the applicant has decided not to proceed with the request for the First <br />Amendment to the Property Tax Increment Rebate Agreement with the LRC. The <br />existing agreement does not terminate until February 18, 2023, so this path may <br />certainly be reconsidered at a later date. <br />ATTACHMENTS: <br />None. <br />Agenda Packet P. 10 <br />