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