Revitalization Commission Agenda and Packet 2023 05 24

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cityof LOUISVILLE REVITALIZATION Louisville COMMISSION COLORADO -SINCE 1878 SUBJECT: RESOLUTION 23-XX: AMENDING THE ANNUAL BUDGET FOR FISCAL YEAR 2023 FOR THE URBAN REVITALIZATION DISTRICT DATE: MAY 24, 2023 PRESENTED BY: APRIL KRONER, AICP, ECONOMIC VITALITY MANAGER AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST SUMMARY: The Louisville Revitalization Commission (LRC) must approve all budget amendments for the Urban Revitalization District (URD). The proposed budget amendments by the LRC must be submitted to Louisville City Council for review and approval prior to final LRC adoption. The proposed budget amendment is included as Attachment #1. Staff requests a general discussion with the Commission and seeks input as to the proposed budget adjustments for 2023 (highlighted in red). Staff has included a draft Resolution (Attachment #2) in the materials, but please note that final action on the Resolution is not requested. If the LRC concurs with the amendments as presented and the draft Resolution, the item would be advanced to City Council for their approval and then return to the LRC for final approval. Staff anticipates City Council could review the amendment at its June 6, 2023 meeting and then the Resolution for adopting the 2023 budget amendment would return to the LRC at its June 14, 2023 meeting. The proposed budget amendment has been updated to include a new financial commitment proposed to the LRC. Staff suggests that the 2023 budget be amended to include a new $300,000 budget line item for WinterSkate. The LRC will also need to enter into a cooperation agreement with City Council and the WinterSkate vendor. The LRC previously committed funds to the City for Undergrounding at Hwy 42/Griffith Street. It was anticipated that this capital project would be completed in 2022, so this item was not carried over into the 2023 budget. However, this project was not completed until May 2023. The proposed amendment carries over the $187,000 expenditure for the Undergrounding at Hwy 42/Griffith Street from 2022 to 2023. These two changes result in an increase to the 2023 Louisville Revitalization Commission appropriation of $487,000, from $4,156,557.18 to $4,663,557.18. Additional context on the status of other budgeted items will be addressed in the LRC's discussion of the preliminary 2024 budget, which is scheduled for September 8. Agenda Packet P. 3