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Revitalization Commission <br />Minutes <br />February 10, 2021 <br />Page 3 of 7 <br />approval of the project. The applicant must complete all of the work and receive <br />construction acceptance by the City in order to be reimbursed. The LRC is to <br />provide the financial guarantee in the event the developer defaults on the work. <br />Commissioner Williams asked about the process if the project is not completed <br />within the agreement timeline. Director Pierce said procedurally, if the <br />developers need more time, they can come to the LRC and ask for an <br />amendment to the agreement. Commissioner Williams also asked if South <br />Boulder Road would be shut down for water main improvements. Director <br />Pierce said she does not anticipate a shut down as the work should take place <br />in the right of way. City attorney Cotton -Baez said there are usually <br />development agreements worked out with the City for these projects, including <br />a traffic control plan. Project completion is likley the end of 2021. <br />Council member Leh made a motion to approve Resolution 21-02. <br />Commissioner Smith seconded <br />Roll call vote: <br />Chris moved to pass <br />Council member Leh — yes <br />Commissioner Smith - yes <br />Chair Adler - yes <br />Commissioner Gambale - yes <br />Commissioner Gorsevski - yes <br />Commissioner Tofte - yes <br />Commissioner Williams - yes <br />Motion approved. <br />Discussion/Direction — Cooperation Agreement Between the City of <br />Louisville and the LRC Regarding Funding for a Small Business <br />Preservation Grant Program <br />Director Pierce discussed that on January 5, 2021, Council approved a small business <br />preservation grant program after a recommendation from the Economic Vitality <br />Committee (EVC.) At the January 13, 2021 meeting, LRC commissioners were in <br />support of contributing $150,000 toward the program. The program did not receive the <br />number of applications anticipated. 59 grants were awarded in the amount of <br />$295,000. <br />Director Pierce seeks direction to formally put the Cooperation Agreement with the City <br />into place. The agreement would be forwarded to Council for approval, then come back <br />Agenda Packet P. 5 <br />