City Council Minutes 2006 10 03 - Laserfiche WebLink

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City Council Meeting Minutes October 3, 2006 Page 10 of 15 identified. He addressed the expansion of the urban renewal plan and explained it is an opportunity to expand the City's revenues. Council member Sackett favored reorganization of the urban renewal authority. Council member Muckle stated Council needs to decide whether they would be willing the give up the authority of issuing revenue bonds. He hoped the members of the Louisville Revitalization Commission would continue to serve in an advisory capacity. He asked if incentives would be sales tax. Anne Ricker, Leland Consulting Group, stated it would depend on the type of projects and noted the impact report based on the plan requires a certain amount of property tax and sales tax. City Attorney Light noted the Louisville Urban Renewal Authority was created in 1972. He cited the Colorado State Statutes which address urban renewal boards and plans. . Transfer of power from an urban renewal authority to a city council requires an election. The next opportunity for an election for a transfer of power would be the state-wide biannual election in 2008. . Stipulates an urban renewallboard may be abolished upon a passage of an ordinance however that ordinance cannot take effect until at least six months after its adoption. . An urban renewal plan must be adopted within 120 days after the initial session of the public hearing therefore, the plan must be approved by December 13. . Requires a finding the plan does not include any lands that have been the subject of any other urban renewal plan in the past 24 months. City Attorney Light explained an urban renewal authority, according to statute, is a separate legal entity, not subject to TABOR, and could issue revenue bonds without an election. He explained there is cooperation agreement between the City and the Louisville Revitalization Commission to share administrative costs. He stated a number of urban renewal authorities have cooperative agreements with their municipalities. He suggested some agreement could be reached. Paul Benedetti, 2730 Iris Street, Boulder, CO stated he was retained to do legal advisory work for the Louisville Revitalization Commission and the City. He explained the processes followed by different urban renewal authorities. He noted there are situations when an urban renewal authority's ability exceeds City Councils'. He stated there are ways to solve some of the problems without completely stopping the urban renewal plan. He concurred with City Attorney Light, if Council does not approve the urban renewal plan, the City will have to wait two years.