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LCityof <br />Louisville <br />COLORADO • SINCE 1878 <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />SUBJECT: BONDING BUDGET DISCUSSION AND ALLOCATION OF <br />FUNDS <br />DATE: AUGUST 6, 2024 <br />PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER <br />SUMMARY: <br />Staff is seeking direction from the Louisville Revitalization Commission (LRC) on funding <br />commitments for two capital projects, the Downtown Vision Plan and the South Street <br />Underpass at Highway 42. The LRC directed staff in the June 2024 meeting to start the <br />process of bonding $10 million of future revenues for capital investments. The total cost <br />of the two capital projects discussed today will exceed the $10 million available. The <br />LRC's commitment to funding all or a portion of each project is needed so that staff can <br />continue with implementation of each project and identify additional funding opportunities <br />if needed. <br />The Louisville Revitalization Commission (LRC) is the Urban Renewal Authority for the <br />City of Louisville. The LRC has a mission to eliminate blight and help revitalize properties <br />within its boundaries. In cooperation with property owners and other stakeholders, the <br />LRC seeks to provide assistance to stimulate private investment and accomplish the <br />objectives of their urban renewal plans. The LRC has the authority to collect the <br />incremental property taxes from the improvements in the plan area to provide assistance <br />that eliminates the blighting factors that were identified when the URA was 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 annual revenues. This is projected to <br />increase as property tax assessments increase for properties within the area. In 2024, <br />the LRC budgeted for total urban renewal expenditures of $4,574,297. Included is the last <br />five 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 />Louisville's Highway 42 Revitalization Area Urban Renewal Plan was adopted in 2006 <br />and focuses on the downtown area, including Main Street. The purpose of the Plan is to <br />stimulate growth and reinvestment in the urban renewal area and surrounding blocks and <br />Agenda Packet P. 2 <br />