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CITY COUNCIL COMMUNICATION <br />AGENDA ITEM 8C <br />SUBJECT:BI-MONTHLY ECONOMIC DEVELOPMENT UPDATE <br />DATE:DECEMBER 4, 2012 <br />PRESENTED BY:AARON DEJONG, ECONOMIC DEVELOPMENT <br />Below are short updates on some key projects for the months of Octoberand <br />November. <br />Former Safeway/ Alfalfa’s Development–The project has received Preliminary PUD <br />approval.The proposal includes 111market rate apartments and 33,700 square feet of <br />retail.The main prospective tenant of the commercial space is Alfalfa’s Market out of <br />Boulder. An incentive package was approved on October 16, 2012. <br />Phillips 66 Property–Phillips 66 has made the decision to sell the Louisville property <br />along US 36.The company is now deciding itsreal estate representation. Staff is <br />encouragingPhillips 66 and itsbroker to coordinate with the City to ensure any potential <br />buyer understands the developmentconstraints onthe site. <br />Historic Grain Elevator–The City closed on the property on November 15, 2012. Staff <br />released the Request for Proposals (RFP) on November 16, 2012,sent the RFP to an <br />extensive email list and posted it on two websites, the National Trust for Historic <br />Preservation (preservationnation.org) and RFP Database (www.rfpdb.com). Proposals <br />are due on January 23, 2012. Early interest has been mostly for the former NAPA Auto <br />Parts building from local parties. <br />Highway 42 Revitalization–The Louisville Revitalization Commission (LRC) has been <br />working very hard to gear up for assistingprojects in the Highway 42 Revitalization <br />Area. The Commission has re-evaluated itsgoals and objectives, developed an <br />application for assistance, and is in the process of determining the method of analysis <br />for projects seeking assistance. Commissioners have put in a tremendous amount of <br />work over the last several months. <br />Boulder Valley Real Estate Conference–Iwas a panelist for a session at the <br />conference focusing on Boulder County municipalities’ efforts in infill development. My <br />presentation centered around the Highway 42 redevelopment plans and the <br />opportunities that exist. <br />Urban Renewal District–Staff has been talking to Boulder County representatives <br />about the Intergovernmental Agreement regarding the sharing of Tax Increment <br />Financing (TIF) revenues from the Urban Renewal District. A renegotiation of the terms <br />in the agreement is needed as no other community hasapproved a similar agreement. <br />CITY COUNCIL COMMUNICATION <br />