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LCity,/ <br />Louisville <br />LOUISVILLE REVITALIZATION <br />COMMISSION <br />COLORADO • SINCE 1878 <br />SUBJECT: 2024 AMENDED BUDGET <br />DATE: OCTOBER 30, 2023 <br />PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER <br />SUMMARY: <br />The Louisville Revitalization Commission (LRC) must approve a budget each year for the <br />Urban Revitalization District (URD). The annual budget proposed by the LRC is then <br />submitted to the Louisville City Council for review and approval prior to final LRC adoption. <br />DISCUSSION/DIRECTION: <br />In October 2023, the LRC approved their 2024 operating budget, with final adoption in <br />November 2023. Since that adoption, the LRC has approved a few budget carryforwards, <br />programming amendments and incentives that were not previously budgeted. This <br />amended budget, shows the true status of expenditures and programming within the 2024 <br />year. <br />Staff has prepared a schedule for the consideration and approval of the 2024 proposed <br />budget, as follows: <br />• October 30, 2024: Public hearing on proposed 2024 amendment and 2025 <br />budget. This public hearing has been noticed in the Daily Camera. <br />• December 3, 2024: City Council considers approval of proposed 2024 budget <br />amendment and 2025 budget for the URD. <br />• December 18, 2024: LRC considers approval of 2024 amended budget and 2025 <br />budget. <br />The LRC budget amendment should be adopted by the end of the year. Attachment #1 <br />is a budget exhibit representing the proposed 2024 amended budget. <br />Amendment Summary <br />Staff is proposing reductions to the Advertising/Marketing ($75,870), COL Staffing <br />Support ($75,000), COL Undergrounding ($67,000), COL Downtown Streetlight <br />Conversion ($84,700), Facade Improvement Programming ($275,000), and Property <br />Improvement Programming ($250,000) line items within the 2024 budget. This is <br />necessary to accommodate changes in 2024 programming budget. The total reduction in <br />programming from these line items amounts to $827,570. <br />Staff is proposing increases to the Professional Services ($60,000) to accommodate the <br />third -party reviews for the Ironton and Delo BOOM projects and the work being done with <br />Trestle Strategies. In addition, at the August 2024 meeting, the LRC approved a $650,000 <br />public infrastructure incentive for the Ironton Project at 1303 Empire Road. This incentive <br />