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Revitalization Commission <br />Minutes <br />November 15, 2023 <br />Page 5 of 6 <br />property owner if it is done for existing business. He also noted that things such as lighting and <br />flooring would definitely benefit the tenant and wouldn't add much value for the property owner. <br />He commented that landlord buildout for tenant improvement can vary a lot and typically a <br />landlord will do this to increase the rent. He cautioned that assisting with new buildout would <br />likely raise rents. <br />Chair Adler suggested that the pilot program should focus on tenant improvements. <br />There was a discussion around grants versus matching funds and what might be considered <br />tenant improvements. <br />There was a discussion on providing rent support for business owners that might need to vacate <br />the premises for property upgrades. Several Commissioners expressed concern that the budget <br />seems low compared with the cost of upgrades. <br />There was an extensive discussion around budget amounts, possible criteria, and the <br />application and award windows. <br />Discussion: LRC Financial Projections <br />The EV Specialist presented the financial projections provided in the packet. Fagade and <br />Property Improvement programs are included in all scenarios presented. <br />There was a discussion around the potential expenses related to the Property Improvement <br />Program. It was requested that the costs related to the two underpass projects be separated in <br />the budget and there were comments around how the HWY 42 project has a potential of grant <br />funding or additional funding support such that LRC wouldn't necessarily fund the entire project. <br />Public Works will return to LRC in December or January for an update on the underpass <br />projects. <br />Commissioner Comments: <br />There was a discussion around the underpass projects and what the focus of the LRC should be <br />in 2024. Considerations included underpass projects, downtown revitalization, and the King <br />Soopers property. <br />Adler asked to add the underpass discussion to the beginning of the next meeting. <br />Public Comment: None. <br />Future Agenda Items <br />• 3rd Party Financial Review Policy <br />• Fagade Improvement Program Applications <br />• Recap of 2023 Work Plan and Status Update <br />• Discussion — Downtown Patio Program <br />• Discussion — South Street Underpass and Future 42 Project <br />Agenda Packet P. 7 <br />