Revitalization Commission Agenda and Packet 2024 02 28

Home Browse Search

Property Improvement Program Proposal Background: The Louisville Revitalization Commission (LRC) was established as a resource to help eliminate blight in urban renewal areas in the City of Louisville. In cooperation with property owners and stakeholders, the LRC seeks to provide assistance to stimulate private investment and accomplish objectives within each urban renewal plan. The LRC has an existing Fagade Improvement Program for the Highway 42 Urban Renewal Area. This program addresses improvements to the outside of the building, those places you can see from public right-of-way. Multiple businesses have successfully taken advantage of this program to upgrade their exteriors, many aligning with the original historic design of the building and keeping the Main Street feel. The LRC is now interested in addressing the interior of the buildings through the Property Improvement Program. Many of the buildings within the urban renewal area are older, and some have had long time vacancies- resulting in building interiors that are outdated, run down and expensive to rehabilitate. These buildings are not being used to their highest and best use and are hindered by extreme costs to rehab and update. Costs can include upgrading the infrastructure, energy efficiency, creating usable floor layouts, tenant finish improvements and more. Through the introduction of the Property Improvement Program, building owners, tenants and investors will have an additional tool to use to rehabilitate their buildings. This can be used as an attraction tool as well to bring in new uses into the urban renewal area- resulting in less blight, fewer vacancies and new community benefit. Purpose: To encourage reuse of existing buildings, which will result in reduction of blight and vacancies while adding more vibrancy and activation to the urban renewal area. This program can assist with the investment costs needed to update building interiors to make them more usable and attractive to new tenants. Project Eligibility: • New business, existing businesses and qualified existing business expansion • Registered and in good standing with the State of Colorado and City of Louisville Eligible Uses: The intent of this program is to upgrade building interiors, making them more attractive to businesses. Eligible uses are those improvements that stay with the building and can include: • Tenant Improvements and Tenant Finish • Utility Improvements • ADA Compliance o Water • Flooring o Electricity • Lighting o Plumbing • Walls o HVAC Agenda Packet P. 16