Revitalization Commission Agenda and Packet 2024 08 06

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SUBJECT: BONDING BUDGET AND ALLOCATION OF FUNDS DATE: AUGUST 6, 2024 PAGE5OF9 k.5) The existence of health, safety, or welfare factors requiring high levels of municipal services or substantial physical and underutilization of vacancy of sites, buildings, or other improvements. I) If there is no objection of such property owner or owners and the tenant or tenants of such owner or owners, if any, to the inclusion of such property in an urban renewal area, "blighted area" also means an area that, in its present condition and use and, by reason of the presence of any one of the factors specified in paragraphs (a) to (k.5) above, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals or welfare. For purposes of this paragraph (I), the fact that an owner of an interest in such property does not object to the inclusion of such property in the urban renewal area does not mean that the owner has waived any rights of such owner in connection with laws governing eminent domain. The LRC is responsible for enacting policy and programs that eliminate blight and meet the goals and objectives of their plan. This memorandum provides background on two capital projects that have asked the LRC for funding. The two major infrastructure projects are: - Downtown Vision Plan: This plan provides a conceptual plan for streetscape upgrades to the core area of Main Street and Front Street, including cross streets and alleys, and a major investment in the Steinbaugh Pavilion Area. The last time the City made a major investment in Downtown Streetscape infrastructure was in the early to mid 1990's, and much of the infrastructure is outdated and in need of repair. The LRC has an opportunity to take the Downton Vision Plan a step further and implement the recommended infrastructure improvements. - South Street Underpass: This project has received a Denver Regional Council of Governments (DRCOG) grant of $3M to pay for a portion of the underpass. The underpass connects future RTD Commuter Rail parking, the Louisville Sports Complex, and regional trials to Downtown East Louisville (DELO) and Downtown Louisville. DOWNTOWN STREETSCAPE PLAN In January 2023, the LRC prioritized a coordinated streetscape plan within their work plan. A coordinated streetscape would provide upgraded infrastructure and connectivity throughout the Highway 42 urban renewal area. As a historic downtown, there are many components of the infrastructure that are aging and not aligned with current market trends and needs. Upgrading the streetscape throughout downtown is a blight prevention and mitigation measure, aligning with overall LRC goals. These improvements will have a positive impact on the functionality of downtown and create more diverse and flexible gathering COMMISSION COMMUNICATION Agenda Packet P. 6