Revitalization Commission Agenda and Packet 2024 02 28

Home Browse Search

LL City+�?f , LOUISVILLE REVITALIZATION I.o�.t15vIl1e COMMISSION COLORADO • SINCE 1878 SUBJECT: PROPERTY IMPROVEMENT PROGRAM PROPOSAL DATE: FEBRUARY 28, 2024 PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER SUMMARY: The Louisville Revitalization Commission is the Urban Renewal Authority for the City of Louisville, Colorado. The LRC has a mission to eliminate blight and carry out area plans for the respective urban renewal areas across the City of Louisville. The LRC has an existing Fagade Improvement Program that has been utilized by many businesses since its inception. The community, businesses, property owners and the LRC are interested in creating a Property Improvement Program to stimulate new private investment and assist in further eliminating blight. Louisville's Highway 42 Revitalization Area focuses on the downtown area, including Main Street. Downtown has historic structures and vacancies. To help encourage new uses, reduce vacancies and add vibrancy to downtown, a Property Improvement Program can make business entry into the urban renewal area more inviting and financially feasible. An in-depth proposal for the Property Improvement Program and a summary of various other incentive programs can be found in the attachment for review. FISCAL IMPACT: Fiscal impact will be dependent on project proposals, scopes and approvals. The 2024 budget did budget $350,000 for the Fagade Improvement Program and $250,000 for the Property Improvement Program. PROGRAM/SUB-PROGRAM IMPACT: The Property Improvement Program is a new program for the Louisville Revitalization Commission. The program will be structured similarly to other LRC programs and can be adjusted if needed after the first year. RECOMMENDATION: Staff recommends the Louisville Revitalization Commission adopt the Property Improvement Program with the Option 1 Incentive/Reimbursement Schedule. Agenda Packet P. 14