Business Retention and Development Committee Agenda and Packet 2014 05 05

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BUSINESS RETENTION AND DEVELOPMENT COMMITTEE SUBJECT: ECONOMIC DEVELOPMENT UPDATE DATE:MAY 5, 2014 PRESENTED BY: AARON DEJONG, ECONOMIC DEVELOPMENT th Downtown Patios – The patios are being installed starting May 5. Louisville Plaza – Louisville Plaza, the retail center anchored by King Soopers, recently sold to the Kroenke Group. The previous owners were not interested in making improvements or being more aggressive for filling vacancies, so this change in ownership has the potential for added retail opportunities. Parking Study – The Planning Department continues work on the Parking Study for the downtown and Old Town neighborhood. City Council is scheduled to see initial th recommendations at their May 6 meeting. Urban Renewal Legislation – A draft bill changing some Urban Renewal rules was presented to the Colorado House. The changes in the draft bill would apply to new Urban Renewal Areas. The proposed changes are; A county appointed member of an Urban Renewal Authority commission would be required in municipalities other than Denver and Broomfield TIF funds would have to be disbursed to the taxing entities upon repayment of bonds The percentage of municipal sales tax increment committed to the TIF would mirror the percentage of property tax TIF available for the project The percentages could be altered through negotiation o There would be mitigating factors for other project investments made o by the municipality. th The bill was approved by the House without modifications. As of April 29, it is heading to the Senate. rd Alfalfa’s – The grocer is planning their store opening for June 23. ICSC Trip – I am working on landing meetings for the Mayor, City Manager, and me for the Las Vegas ICSC conference in May. With the proposed developments along Hwy 42 gaining momentum, we will have more to discuss with potential retailers at the conference.