Revitalization Commission Agenda and Packet 2022 07 13

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whole project. Director Pierce said the structure of agreement would allow for payout of certain elements. Councilmember Leh asked about blight factor A — Mr. Hartronft said there are vacancies and the building is deteriorating and there is deferred maintenance. Vacancy rate is 45%. It is not critical that a certain number of factors are met. Once established, blight is considered to exist in the whole URA. We ask the applicant to identify blight factors though there is not a certain number of factors required. Agreement would go to Council for approval as it impacts the budget that was approved. After Council approval and final LRC approval, it would be handled by staff unless there was an amendment to the agreement. Financial guarantee is larger than previous projects as the scope is larger. Structure of the agreement is the same as previous agreements. LRC reimburses on actual costs. This is not an application for direct financial assistance and we do not review financials. Staff will continue to communicate as the project progresses. Once approved, it would not come back to LRC or council unless there is an amendment. Permit is being reviewed, bids are expected shortly. Chair Adler called for public comment — none. Commissioner Smith said the project helps to reduce blight and helps to create opportunity downtown. Chair Adler believes it is a good use of LRC funds. Commissioner Tofte supports. Councilmember Leh believes it is an innovative project. Commissioner Tofte moved staff forward the public assistance application to City Council for approval. Commissioner Smith seconded. Roll call vote: Commissioner Tofte - yes Commissioner Smith - yes Chair Adler - yes Commissioner Harald - yes Commissioner Williams - yes Councilmember Leh - yes Motion passes • Discussion — Future 42 Project Update Agenda Packet P. 6