Revitalization Commission Agenda and Packet 2022 09 28

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cityof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO • SINCE 1878 SUBJECT: DOWNTOWN COLORADO INC., BOARD STRATEGY PLANNING REVIEW MEETING DATE: SEPTEMBER 28, 2022 PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST SUMMARY: The Louisville Revitalization Commission (LRC) identified the desire to hire a consultant to conduct a retreat and strategy session for the Highway 42 Urban Revitalization Area (URA) as a new initiative for 2022. BACKGROUND: The LRC uses its Work Plan document, which was developed around broad goals and potential projects, to guide agenda setting and priorities. In addition, the annual budget process helps to align priorities and project funding. Although this process generally serves the Commission well, there have been some discussions around how the group can be more strategic and ensure that significant investments are made during the remaining years that Tax Increment Financing will be available. Staff approached Downtown Colorado Inc. (DCI) last year because of their expertise and past experience in working with Urban Renewal Authorities. The Agreement between LRC and Colorado Community Revitalization Association Inc. (dba Downtown Colorado Inc.) for Consulting Services was approved by City Council during the March 15 meeting. The LRC adopted the Agreement at its April 13, 2022 meeting. DCI hosted its first LRC Board Strategy Planning Meeting on June 9, 2022. All six members of the LRC, four members of DCI, and several City staff were in attendance. DCI encouraged the LRC to review its past accomplishments and identify its next steps and objectives. Following the first meeting, DCI facilitated an interactive walking tour and assessment between the LRC, City of Louisville staff and elected officials, Downtown stakeholders, and a team of DCI experts. The purpose of this session was to identify improvements that will make the most significant impacts towards the community vision. City Council held a joint meeting with the LRC in order to discuss the findings of the previous meetings. DCI presented their findings to the group and facilitated a conversation between the two groups. This conversation will help guide the LRC's strategy and financial investments for the final ten years of the Tax Increment Financing (TIF) period, which is set to expire in 2032. The September 13, 2022 meeting materials are included as Attachment #1. Agenda Packet P. 2