Economic Vitality Committee Agenda and Packet 2023 09 15

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city0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO • SINCE 1878 SUBJECT: STAFF UPDATES DATE: SEPTEMBER 15, 2023 PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST SUMMARY: In the following, staff provides updates on recent activity related to core economic vitality functions. Business Assistance Program (BAP) Updates The proposed amendments to the city's BAP went to City Council for a first reading on September 5. The second reading and public hearing have been set for September 19. Property Updates The third party financial review of the proforma for the proposed Radiance MedSpa project (916 Main Street) is currently being reviewed by Environmental and Planning Systems (EPS). This review will evaluate the need for possible direct assistance funding to assist with any funding gaps to make the project feasible. The review will return to the LRC for consideration at its October meeting. If the LRC recommends assistance, the application will be presented to City Council for consideration. Ice Rink Update City Council approved Resolution No. 49, Series 2023 approving a Cooperation Agreement with the LRC regarding the outdoor skating rink at the Steinbaugh Pavilion. The Cooperation Agreement does the following: • Formalizes the LRC's commitment to pay for the vendor agreement and electricity charges; Commits the revenues the City will receive from Rocky Rinks to be delivered back to the LRC; and Sets expectations for making decisions about the 2024-2025 season. The LRC will review a proposed budget amendment to capture the financial commitments to the ice rink during its September meeting. The ice rink has been named "The Ice on Front". Business Openings and Closings The Argentos Empanadas (1030 E S Boulder Road) opened its doors on Wednesday September 6. The new Louisville restaurant is the owners' third location, already having one in Silverthorne and one in Keystone. Agenda Packet P. 8