Agenda Date: 11/19/2019
Subject:
Title
Resolution 64-2019: Approving a first amendment to the Cooperation & Loan Agreement (CLA) with "Littleton Invests For Tomorrow" (LIFT)
Body
Prepared by:
Mark Relph, City Manager
PURPOSE: Consider formal changes to the CLA with LIFT based upon the council direction from the November 12th study session.
PRESENTATIONS:
Staff Presenter(s): Mark Relph, City Manager, Reid Betzing, City Attorney
SUMMARY: City council met with the LIFT Board on October 22nd to review and discuss the LIFT proposal for continuing the Columbine Urban Renewal Area (CURA). The council then met at the November 12th study session to consider the October presentation and to evaluate a series of options regarding the mission of LIFT. The council directed staff to prepare an amendment to the CLA that included the following:
* Proceed with the planning of infrastructure improvements and not wait for a commitment from the owners of Columbine Square.
* Payback half of the city loan plus the interest ($79,443.75) leaving a balance to the loan of $75,000.
* Return the sales tax increment from the repealed three Urban Renewal Areas (URAs) at $134,998.00.
* LIFT hires an executive director within 60 days of city formally modifying the loan.
* LIFT to develop and present to council for approval within nine months a plan for using CURA, including project(s) details, budget, financing/bonding information and neighborhood input.
* Upon council approval, begin to execute the plan no later than November 1, 2020.
PRIOR ACTIONS OR DISCUSSIONS:
* October 22, 2019 joint meeting with the LIFT Board
* November 12, 2019 council study session
ANALYSIS:
Staff Analysis
After council direction from November 12th, Human Resources staff (HR) specifically reviewed the timing of the executive director recruitment. Using the 60 days as directed, plus the December and January LIFT Board dates, staff modified the CLA amendment to require an offer of employment be made to the...
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