Revitalization Commission Agenda and Packet 2024 09 18

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Revitalization Commission Minutes August 21, 2024 Page 7of9 Commissioner Tofte asked what the signalization at Pine and Highway 42 will look like. He asked if it would be all four corners or just at the north side to get across. Mr. Johnson responded that the current conceptualized plan is on the north side of Pine and Empire, crossing Highway 42, adding that Highway 42 has future improvement plans in coordination with Louisville and CDOT. This proposed crossing is taking the first step while overall Highway 42 improvement plans progress over the next several years. Commissioner Tofte asked if there have been discussions with Public Works about the Highway 42 expansion and if the signal would need to be redone with the ultimate expansion of Highway 42. Mr. Johnson responded that he has looked at some of the design/development documents from last year on the Highway 42 project and it didn't appear that the width of the road necessarily changes in the proposed location. The additions of multi -use paths on both sides are part of the major additions and a lot of improvements at South Boulder Road. He said there are very vague plans for south of Pine Street at this time. The discussion for Ironton, is how do we make this property energized while connecting it to downtown and enhancing the area. Commissioner Williams asked about the several businesses already in that area, specifically whether there have been conversations with these businesses to support relocation to make sure they are still part of our community. Mr. Johnson responded that he can't speak for Avid, and he doesn't know of any necessary changes they are looking at. The continued use of the city parcel in whatever capacity for businesses like Avid is important. It would be interesting to see if there is more of a multi -use possibility for that property but that is outside of the scope for this project. Commissioner Harald commented that this is the kind of thing he envisioned for LRC programmatic support projects. He asked if the URA district boundaries contain the public improvements area is within the URA. He also commented that the 2024 budget has over $2M in carryforward expenses from last year and he asked if those expenditures will be paid out this year or carried forward again into 2025. His goal is to understand better how this cash flow will work, and what impact it will have on fund balances and the 2025 budget so the LRC can hopefully include more of this type of programming in 2025. The EV Manager responded that we are anticipating the third -party review costs will be spent in 2024 while this project and the sculpture project will be expended in 2025. Commissioner Harald commented that he is specifically asking about two 2024 budget line items, one just over and one just under $1 M. The EV Manager responded that those are for capital contributions and rebates. It is anticipated that most of that funding will be spent in 2024. He asked for answers to his questions as part of staff's analysis of this project. Commissioner Harald also asked about the recommendation to the LRC in the packet stating, "agreement parameters" and he asked what kind of parameters are being sought, for example, is it a not -to -exceed parameter or something else. The EV Manager responded that it is primarily the not to exceed amount. We will pay out on true costs, so should the true costs be less than the not -to -exceed amount, we will pay out on actual costs. If you do want to move forward on this, it will need to be approved by the LRC and City Council, and a do not exceed amount will be needed to draft the agreement.