Revitalization Commission Agenda and Packet 2023 01 11

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cityOf LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: DISCUSSION- DRAFT AMENDMENT LANGUAGE FOR PRE - APPROVED SPENDING AUTHORITY DATE: JANUARY 11, 2023 PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST NICK COTTON-BAEZ, LRC/CITY ATTORNEY SUMMARY: This is in follow up to the LRC's discussion regarding certain provisions of the 2015 Amended and Restated Cooperation Agreement, between the LRC and the City ("2015 Agreement"), that the LRC might want to consider renegotiating with the City through an amendment. DISCUSSION: At its regular meeting in December 2022, the LRC discussed potential amendments to the 2015 Agreement to allow: (1) Greater spending discretion on certain "pre -approved" items; and (2) The potential hiring of staff dedicated to the LRC. In view of the City's anticipated hiring of a new Economic Vitality Director or similar position, the LRC decided to hold off on considering an amendment on that point. However, the LRC requested language for a potential amendment to the 2015 Agreement to permit greater LRC spending discretion on certain "pre -approved" items, for the LRC's consideration and discussion. The LRC's attorney has prepared the attached draft language for the potential amendment. The draft amendment would add a new subsection to Section 5 of the 2015 Agreement to set forth a formal process to enable the LRC to obtain City Council approval of "LRC Programs," which would include pre -approved spending authority. "LRC Program" is defined in the draft as "a comprehensive initiative, in furtherance of the purposes of the Act and the Highway 42 Revitalization Area Urban Renewal Plan, aimed at addressing one or more characteristics of blight within the Highway 42 Revitalization Area on a large scale (e.g., downtown business fagade improvement), which is not specific to any particular piece of property or development, and is offered to multiple properties of a certain type or types within the Highway 42 Revitalization Area." Per the draft, City Council approval of an LRC Program would authorize the LRC, without further Council approval, to: (1) utilize City staff, boards and commissions, and City Council time as necessary to carry out the objectives of the LRC Program; (2) approve LRC Program applications and enter into contracts with program awardees (in substantially the same form as the standard contract approved by the LRC/City Agenda Packet P. 9