Revitalization Commission Agenda and Packet 2024 06 26

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Revitalization Commission Minutes May 22, 2024 Page 2 of 7 Public Comments on Items Not on the Agenda: None Commissioner Comments on Items not on the agenda: None Business Matters of Commission: Fundina and Bondina Discussion and Decision The Director of Community Development reviewed the policy evolution and history that led to the underpass project, which began prior to the foundation of the URA. He provided a summary of the 2003 Highway 42 Revitalization Area Framework Plan and the creation of the Urban Renewal Plan in 2006. He highlighted the public investment objectives for the URA included in the Urban Renewal Plan and possible land use changes proposed in 2007 to implement redevelopment. The 42 Gateway Plan analysis report completed in 2013, a big part of which maintained Highway 42 as one lane in both directions and included a critical assumption of surface crossings. The underpass would connect to coal creek trail and allow connectivity south and allow better access to/from Lafayette. The underpass would complete a critical trail connection to surrounding areas. In the 2019 Transport Master Plan and the Future 42 Plan from 2022 calls for improvements to Highway 42 to increase it to four lanes. Due to safety issues of surface crossing on a road of this size, an underpass is a critical part of expanding Highway 42 to four lanes and providing safe crossing. We have a grant from DRCOG for $3M to make improvements and complete the connection. There is currently a lot of renewed funding for commuter rail which would include additional infrastructure for Louisville. The Economic Vitality Manager presented a synopsis of the LRC's background and mission, including a summary of all the moving pieces from the vision plan, underpass, bonding options, and other items. She reviewed LRC's current programming and the Downtown Vision Plan background and timeline. The anticipated cost for the preferred Downtown Vision Plan is currently estimated at $8 million. The Economic Vitality Manager provided background on the South Street Underpass project and the Cooperation Agreement signed in 2021 to support underpass projects. The ballot issue was turned down by voters and the cooperation agreement was no longer applicable. The EV Manager also provided a summary of the LRC's bonding history as well as potential bonding options currently available. The EV Manager and the City's attorney provided information on the fiscal status of the LRC, when and how TIF funding has to be allocated prior to the end of the TIF period and what happens to funding not allocated when the TIF expires. Today the staff requests a decision on if LRC wants to bond and, if so, how much to bond with the understanding that any request for bonding will have to come back through the LRC and be ultimately approved by council. Staff needs an answer on potential funding amounts for the projects to determine where funding opportunities and gaps reside. Commissioner Comments: Commissioner Lipton asked about the underpass topic listed for a future meeting. It was noted that the item in question was for the sculpture the LRC agreed to fund in 2021 at the existing