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LCityof <br />Louisville <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />COLORADO • SINCE 1878 <br />SUBJECT: LOUISVILLE REVITALIZATION COMMISSION PROJECT <br />FUNDING <br />DATE: JULY 17, 2024 <br />PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER <br />SUMMARY: <br />Staff is seeking direction from the Louisville Revitalization Commission (LRC) on <br />funding commitments for two capital projects, the Downtown Streetscape Plan and the <br />South Street Underpass at Highway 42 Project. The LRC directed staff in the June <br />2024 to start the process of bonding $10 million of future revenues for capital <br />investments. The cost of the two capital projects discussed today will exceed the $10 <br />million available. Providing the LRC's commitment to funding all or a portion of each <br />project is needed so that staff can continue with implementation of each project and <br />identify additional funding opportunities if needed. <br />The Louisville Revitalization Commission (LRC) is the Urban Renewal Authority for the <br />City of Louisville, Colorado. The LRC has a mission to eliminate blight and help revitalize <br />properties within its boundaries. In cooperation with property owners and other <br />stakeholders, the LRC seeks to provide assistance to stimulate private investment and <br />accomplish the objectives of their urban renewal plans. The LRC has the authority to <br />collect the incremental property taxes from the improvements in the plan area to provide <br />assistance that eliminated the blighting factors that were identified when the URA was <br />formed. <br />The LRC's 2024 budget includes marketing, incentive programs, City of Louisville <br />partnerships and capital investments, project support and more. Historically, the urban <br />renewal area has brought in over $2 million in revenues. This is projected to increase as <br />property tax assessments increase for properties within the area. In 2024, the LRC <br />budgeted for total urban renewal expenditures of $4,574,297. Included is the last five <br />years' worth of budgeted and actual expenditures. <br />Year Budgeted Actual <br />2023 $3,855,187 $1,833,091 <br />2022 $2,041,520 $1,423,617 <br />2021 $2,126,420 $1,418,334 <br />2020 $1,959,450 $820,040 <br />2019 $1,868,722 $1,499,890 <br />