Welcome to the October twenty first twenty twenty-five meeting of the Lafayette of Urban Renewal Authority.

Executive Director Keaton, can we get a roll call, please?

Commissioner Airrington.

Commissioner Martin.

Here, Commissioner Rodondo, Rogers, Commissioner Williams.

Here, Vice Chair Cutler.

Here, Chair Muller.

Are there any directions or additions?

No.

Second, all those in favor of approving this written, please say aye.

Okay.

Move on.

Excuse me.

Move on to our first agenda item, which is introduction of the twenty twenty-six law for removal authority budget and amending the twenty twenty-five law of urban renewal authority budget.

Great.

All right.

So tonight I'm introducing budget.

For both this current year, we're going to be amending our budget, and I'll walk through why we're doing that in the process, and then also looking forward to our 2026 budget.

And really, these are meant to be our like final years of expending all of our funds and doing transfers.

So I'll walk through the process and then do an overview of revenue expenses and key initiatives and then open up for questions and feedback.

So tonight I'm going to introduce a budget amendment for 2025 and then the draft budget for 2026.

Then through our urban renewal plan, um, we will we're we will be going to council for feedback.

Council's not our governing body that needs to approve it, and so we just we present and get feedback, and then we will present a fine the final LORA budgets at a public hearing on November 13th, and then you'll be approving two resolutions.

So one for amending and then one for um approving the 2026.

So for a state statute, it requires that all special districts amend their budgets before expending funds in excess of the amounts previously appropriated.

So as Laura finalizes its remaining projects and funding transfers, this amendment to the 2025 budget ensures that um additional downtown development funds and property tax revenues are actually accurately reflected and properly authorized in the expenditure.

So the big thing is we received another year of property tax that we didn't include into our original budget.

Um and we also didn't spend as much funding as we thought in 2024, and so this is just accurately reflecting that.

So for the revenue, um, as I mentioned, we um are receiving over 900,000 of property tax that was not previously reflected in the adopted budget, and we didn't necessarily know what was going to happen with our TIP expiring, but um this property tax is the property tax from 2024 and it's collected in arrears, so that's why we have this additional funding.

And it was hard to just budget this because they come kind of in chunks throughout the year, and so um this is the latest amount, and then we also have interest of just being able to have our funds and a high yield savings account.

So for expenses, um, you know, it looks like a large dollar amount, but I just want to remind you all that these are all initiatives that we've been working towards or have approved in the past um year or so.

And so um again, when the when we finalized our 2025 budget and then initialized and uh developed that it anticipated that more funds was going to be spent in 2024, and just because of project timing, um it didn't.

And so, due to project timing, the receipt of that additional property tax, we're gonna allocate the surplus funds to downtown development initiatives and reflect a more accurate expenses during this Laura DDA transition.

The other thing that I want to note is that um you'll see in the amended budget that you know we're still putting things towards an administrative fee or a parking lot program, and per our IGA or intergovernmental agreement with Laura and the DDA.

Laura has said that we would fund the continuation of key programs through 2025 during this foundational year of the DDA while they get up and running.

And so that includes things like the administrative fee, our parking lot program, such as maintenance and snow removal.

Um, we're still funding the marketing contract.

Um, we provided funding for the farmers market this year to help with the the traffic control and just general administrative expenses.

And so some of this is going for you know just the downtown district in general, these were the expenses that we typically see.

So with our budget, um, you know, 89% of it is gonna go to uh downtown development, and that's a large number, but I'll go through in a second how we've allocated this just with past resolutions and approvals.

And so this is actually doing those transfers or spending those funds.

Um but you see we have you know a number of smaller things like streetscape marketing, operational, administrative, professional service, and repairs and maintenance, and those are kind of just like the key expenses that we typically have throughout the year.

So for the 2025 key initiatives, um, you know, related to operational administration, like I said, we're really in the window phase.

I know I've been saying that for a while.

Um, but this is everything to just make sure that we can finish up this transition.

And then for downtown development, you know, it's a large dollar amount, but these are all things that we've previously committed to, and we plan to do those funding transfers this year.

And so that includes DDA startup funds.

We've committed to roughly two million dollars, depending on the final um uh accounting of everything.

The South Boulder Road revitalization project, this is related to the cooperative agreement that we approved last year about allocating the remaining tax incurrent financing for our South Boulder Road urban renewal area to do three sub projects, which include an area plan, um uh small business capital grant program, and then also district implementation.

So you all approved that last year.

And so then this is plan to actually transfer that funding over to the city.

The 700 to 800 block of South Public Road Streetscape project.

This is related to the design and construction of streetscape improvements from Kim Bark just south to 805 South Public Road.

And so that includes you know shortening or eliminating curb cuts, moving some of the XL light poles into the planting beds, new planting, public art to just make it a more enjoyable experience and a safer one.

And then we are also doing alleyway improvements in this area.

So paving the alley and also putting a storm sewer in there to help with drainage.

So that was all approved last year.

We have been paying the streetscape design through the Lower budget, but because we're in this initial window phase, we're going to transfer all the construction funding over to the city to manage that.

So that was approved last year.

And then 108 North Public Road funding transfer.

This is related to funding the Chase parking lot.

So just south of the Chase Bank, the city is acquiring the Chase Bank and the parking lot to the south, and Laura as a partner is providing a million dollars for that, which you all approved and meeting recently.

And so all this added together, as well as some smaller grants that we have that are wrapping up and we're we're paying that we've committed to goes into that downtown development bucket.

There's also a little bit of contingency funding in there that will likely just go to the DDA once we wrap everything up.

And then for um marketing, you know, we're funding the Moat Cone marketing contract through the end of the year, parking lot leases.

This is for our parking lot program that we will be considering tonight, transferring over.

But you know, we've already paid for some snow removal earlier this year, and we might have a little bit left over.

Um, and then um disposable or assets.

So this is you know, we have a vacated right-of-way, we also have a property on 760 West Baseline Road, and so these professional services just help with that transition.

So that's the 2025 amending budget, and then I'm gonna switch over to now looking forward to 2026.

So we have no new revenue for 2026.

Our TIFF expired last year, um, and we were collecting property tax, but that's all in 2025.

So we're we're not allocating any funding for revenue.

For our expense budget, um, this is really what I hope to be the final funds that we're using, and um the the big thing that we're waiting for for to wind down is um transferring of our easement, but then also selling 760 West Baseline Road and then also the vacated right-of-which is part of the 700 block project.

So I'm holding funding in professional services to just help with anything that may pop up.

So one of the things is the Coca-Cola easement related to that project, um, and then any professional services for surveying, if we need to do any sort of maintenance, um, and then downtown development, we um approved an EDA with 130 East Balding, which is where the flea market is, which they haven't executed yet because there's um the project has changed a little bit, and so um we might end up amending that if they do want to move forward with it, but I'm just holding reserves in there just in case that project was related to improving the parking lot so they could activate that vacant lot to the south of them, and then just some small um cost related to operational administrative.

You will notice here that you're we're not gonna be charged an administrative fee next year because we're really at the very tail end of everything, and the DDA is going to start um paying the administrative fee, and as a note through their IGA with the city, it's a ramp up period, so their first year is roughly around 32,000.

And the idea is while they start collecting more TIFF, they'll be paying more.

But um, that's why you don't see an administrative fee for this year for 2026.

So again, um, window um the sorry, that one icon should be related to the EDA and then disposal of assets.

So I'm introducing these two um budgets to you all.

I'm happy to answer questions.

The goal is that I will be introducing this to council for feedback on October 28th, and then we would have a public hearing and uh considering two resolutions on November 13th.

So happy to turn it over to Kevin to answer the questions.

So open up to the board to have questions for Bridget.

Clarifying question.

In one of the slides, it has five million-ish for the DDA, but there's several million that's for the Chase building acquisition.

Yep.

So that is for a downtown development, which is the fun line item within the budget.

So while they have very similar downtown and development, it's not related just to the DDA.

That is includes a portion to the DDA.

Yep.

I guess more is there any update on that?

I don't know if there's that's gonna come later today, or if there's anything else you can share on that since it's a big chunk.

Yeah, um, and that's a great question.

Um and I'm I can pull up a slide from another presentation if it's helpful, but I'll try to just answer it right now.

Um, really with um the IGA that we approved with the DDA, it included what those funds could be spent on.

And so the first one was the administrative fee and understand that there'd be a ramp up period.

The second was the public parking lot program, um, which we we have and are transferring over to them that we want to see happen, and then um we said that you're able to allocate funding for small business support and kind of kept that broad because they'll know what is the best thing to be able to, what programs to create, and then the fourth um item was related to um just district wide support, such as marketing, the farmers market, holiday lights, and then the last thing which Carolyn um wanted to add into the IGA was anything else that it deems uh an eligible expense.

By you, yeah, by the director of the DDA.

Um, and so um in developing that bucket, I looked at um past costs between three and five years of how much it costs to do all these things, and then created a budget for how how I th how I would approach this if we wanted to like keep the lights on, keep the momentum on, feeling like there wasn't any lack of service during this transition, and that's where this like two million plus number came about.

Um, I feel confident that it's gonna end up being two million, and if not a little bit more.

Yeah.

Okay.

On the notes receivable, yeah.

That's just being transferred to the city, DDA.

So then the notes receivable are related to all of our economic development agreements, and in um this budget was uh put together in conjunction with our finance team, and so they track all of our economic development agreements, every single loan that we've given, even if they are forgivable, they need to put it on their books as you know, this is a notes receivable, a written promise with a promissory note and a D to trust.

And so that's what the notes receivable line item is.

Um you're gonna be considering tonight an IJA with the city where we transfer that management over to the city.

Thank you.

And then um the other adjustments.

Yeah, so the gap and other adjustments um are also uh related to general.

I wrote this down because I was gonna forget the acronym.

Generally accepted accounting principles, and um it aligns with the uniform standards of government accounting set by the government, accounting standards board, gas fee.

Um, and so these are adjustments that also the finance team puts together, and I think two notable things is depreciation of assets, like we own real estate, and so that's how they they help track it, and then also allowances for adjustments such as related to loan forgiveness.

So while we even have these loans, a lot of them have loan forgiveness, and while they um are forgiven sometimes by 20% each year, they account for that.

Um, so while in my role as the executive director, you know, I'm always really focused on like the revenue and expenses.

The finance team does a really great job as far as looking at our assets and depreciation and making sure that we are um complying with GAP and GASPE as far as looking at our our budget.

So even while it says you know, we have the seven million starting fund balance, it's not really seven million because we're accounting for these other things.

Right.

Great.

Thanks for that.

Yep.

Any other questions?

Feedback.

Well, I think it looks good.

Yep, agreed.

Great.

We're almost there.

I know I've I've been saying that for like every meeting for about two years now.

I really feel at this time.

Yeah, one more meeting this year.

Yeah, yeah.

And so, how does it work with the DDA budget?

So when this is once everything goes through and this is approved, then certain dollars go into their budget and they will already need to do a new budget.

Are they on the same schedule?

So I as I serve as the DDA executive director, we're doing two budgets.

So we're doing a 2025 budget and a 2026 budget because we assume that we're gonna be receiving these Laura funds actually this year, even if it's like in November.

Um we're accounting for that, and we will file our two budgets through the Department of Local Affairs, which is what we also do.

The big difference between the DDA and Laura is the DDA um doesn't actually approve their budget through resolution.

City council does us as the governing body, and that's just something that state statute says is so the DDA recommended a budget, and council will be hearing that budget at their October 28th meeting.

So they're all a little different.

All right.

We move on to our next agenda item, which is resolution 2025-06, approval of an intergovernment governmental agreement with the city of Lafayette and the Laura Urban Renewal Authority.

Great.

So I'm gonna be um given a brief overview of our economic development agreements.

Um then present resolution 2025-06 questions and discussion and proposed motion language.

So over time, we've entered into a number of economic development agreements to incentivize private investment and support economic growth, often through low or zero interest loans.

Um a lot of them also have um debt forgiveness, and so the idea is that these will turn into grants at the end.

Um each of these agreements have unique terms and payment schedules tied to specific projects.

So these are um the eight active ones that we currently have, and some of these are you know kind of administrative at this point.

We're just going through the motion to have the debt be forgiven.

Um sometimes, if you remember, we um even if a project's been around for four years, we consider subordination agreements because they're refinancing, and so it's very minor, but there is some management over um these.

And at the end, we do a lien release um to say you you satisfy the terms of the agreement, we release um the uh promissory note and project ends.

Um, but we still have a number of these.

Um so while we wind down, it did not make sense to keep this board intact to see some of these agreements go for 10 years, right?

Because every once in a while something's going to happen where we need to do a subordination, or someone says, you know, I'm supposed to provide my loan repayment on the 5th of January, I'm gonna be out of town.

Can I do it on the sixth?

And we wouldn't want to have to say that they're in default, right?

And so um with these Laura economic development agreements, um, we have two things that we're doing.

One is we executed an IGA with the DDA, which contemplates that any loan repayments, we have two projects that have loan repayments, they're not a large dollar amount, um, will go directly to the DDA bank account.

So they won't be commune to Laura.

The second is now managing the IG, um, managing the economic development agreements and having that be done through a city partnership.

So the resolution that you're considering um will reassign all of these EDAs to the city, which is something that we're allowed to do, and allow the city manager or their designee, which is likely gonna be me as the economic development director to manage all outstanding Laura EDAs, and so the administrative authority, because we also don't want to have to go to council any time these minor things happen, and so um we would do administrative authority for the city manager or their design need to do minor amendments such as repayment schedule adjustments or subordination agreements, if and some of the languages, if it doesn't substantially change the intent of the agreement, right?

And then any major changes, such as extending repayment for two years, let's say one of the projects says, I'm you know, I have a five-year term, can I do a seven-year term?

That seems like we're pushing it, or if it's related to loan forgiveness, um, then that would require full city council review and approval.

So, as part of this, um the we also want to keep the DDA um informed because they do get these loan repayments, and so the city would do an annual report to the DDA executive director, so um, of just including the status of all the EDAs, repayment activity, and then the administrative amendments.

So it's just having the two entities talk to each other.

So I have some proposed um motion language and happy to answer any questions.

We'll open up to the board, any questions could we get a motion to I move to approve resolution 2025-06 approval of an intergovernmental agreement with the city of Lafayette and the Lafayette Urban Renewal Authority.

I'll second we have a motion and a second, any further discussion.

I guess I'm just gonna say it makes me feel a little sad.

It makes me feel we're a little closer to that time that's coming soon.

Our um our when I was working with our uh city attorney, they're like, you know, if you do this, then like there's really no need for them except a minor thing, so you wrap up my point.

Yeah, that's the point.

Yeah, yeah.

But it's about time.

Yeah.

Great.

Well, um, all those in favor, please say hi.

It's unanimous.

Thank you, Bridget.

Now move on to the third item, which is resolution 2025-07.

Approve approval of the reassignment and delegation of the public parking lot leases and program to the Lafayette Downtown Development Authority.

Great.

So um another transition item.

So I'll be talking about our parking lot agreements, um, give a little overview of the program, show you where they are, uh, introduce the resolution, open up for questions and discussion of some proposed motion language.

So we're very familiar with this, but we have 12 active agreements for um our parking lot program, and this was created as a way to get more parking within our downtown without actually having to acquire physical assets.

Um, and so we enter into leases with private property owners for um typically we've improved their parking lots, and in return we would get um public parking, or um, if we didn't need to improve their parking lot, we would still enter into these leases and and we would provide maintenance and snow removal.

So it's definitely a uh a win-win situation for both entities, um, and we found this to be a really successful program.

I've gotten really good feedback both from um uh residents and customers in our old town, but also the property owners.

Um, so each of them have unique terms.

Um they were um you know negotiated as kind of what do we need to make this work?

Um, and so some renew automatically each year, some have fixed terms.

There's two that we pay a fee for, so they're they're they're all different.

Um these are the locations of the active parking lot agreements.

Um and we uh it's it's been interesting kind of looking at this again because the DDA, which you'll hear about in a second, is really interesting in like taking a fresh new set of eyes about this and seeing you know, these probably made sense at the time, but do they keep or do they still make sense?

Are there different areas that we need to look at, or how do we want to think about parking related to bike parking or EV?

Um it's kind of just like bringing this to the next level.

So um resolution 2025-07 um would essentially transfer over the management and um assign these leases over to the DDA.

Um, and as part of that, um Faith, who also sits on our board, sits on the DDA, really is taking a leadership role in this and saying it would be great if we could just develop one standard template and have this be our program.

And so if you want to enter into it, these are the terms of it, which makes a lot of sense.

And so um just show that there's consistency and transparency, and also having just an equitable program that we're providing the same services for all of them.

Um and so existing leases would be terminated with the Lafayette Urban Renewal Authority and replaced with a new agreement where property owners are mutable.

Um we're also the DD is gonna audit the current parking lot leases to access utilization, determine whether certain lots should be discontinued or relocate to a higher demand areas.

I think an example is right now the Lafayette floor is vacant, and that might be a project that ends up being a redevelopment project, and so does it make sense to have a public parking lot there right now.

Um and then if you remember, we last year approved doing a parking management study with Fox Tuttle, and we just got that draft report, and it's been very interesting to just think about where the DDA can be more strategic about acquiring more lots, um, related to leases, and so um they're gonna audit the whole program, which I think will be really great.

And then um during this transition, we'll work closely with the DDA to ensure a smooth transfer of lease rights, responsibilities, and records.

What about that chase lot?

I know it was listed there, but if we acquire it a lot or the city acquires it, does the lease still make sense there?

I mean, that's a great question.

Um, so it will still be a city-owned lot, and then the DDA will manage it as far as parking goes with snow removal and maintenance and programming.

So it will still be a part of that parking lot program.

Um they'll probably be a lease, just so it's just or not a lease, but some sort of agreement where it's memorialized that hey, we'll take care of the DD will take care of the maintenance, you'll own this, just so there's no confusion.

So that's a great question.

Yeah.

Um, so I have some proposed um motion language and happy to answer any questions, additional questions.

Any additional questions for Bridget?

All right.

I I don't remember the kinds of things that we that were put into the contracts to make them work for different businesses in my and my um I wonder how important that consistent lease is for everyone because if what we're trying to do is get parking, get parking downtown, then is there any need for flexibility?

I think when um when working with the DDA, they'll give me some general guidelines as far as what to negotiate and like what you know if someone I think a great example is some businesses want to um have their contractor do snow removal and they and we reimburse for snow removal, we get the receipts at the end of the year.

There's others that don't have anything to do with snow removal, and like we want to provide it, and there's even some leases that we've done because we did a bigger parking lot improvement where we don't provide any snow removal, and so um I think it's just kind of taking a fresh set of eyes and um understanding like what how do we want to approach these things, what are the the buckets and um I think one of the big things is um I we there's only two that we pay a fee for, and I think we're going to be eliminating that one as Chase Bank and the other one is the Lafayette Floors, and so I think this is more of we'll provide maintenance, we'll provide snow removal, um, and next change we're gonna get public parking.

But something like with the bank, there it seems like some of the parking wasn't available till five, or in some places, those things you would still have the ability to negotiate.

I think so, yeah.

Because some of these agreements do have like five of the spots will be dedicated to their own business, you know, and so they'll need to be some flexibility, and I think this is more related to like the the term limits, how they're renewed, um try just trying to standardize some of the things.

Okay, it's good to start with a boilerplate, but you can always negotiate based on the situation.

Yeah, and the idea is just to try to make it an easier program to manage.

I'll move to approve resolution 2025-07 approving the reassignment and delegation of park public parking lot leases and program to the Lafayette Downtown Development Authority.

I'll second.

Motion second.

Any further discussion?

All those in favor, please say aye.

Thanks for all that, Bridget.

Any further updates?

Um just that uh things with the DDA are going really well.

Um, our last meeting we looked at two draft grant programs that we want to do in our downtown.

So one would kind of mirror the Lockheed uh Urban Renewal Authority's facade improvement program, but really expand it.

So it's being called Dig, Downtown Improvement Grant.

There's a lot of puns we can do with that.

Um but the idea is have that to be more of an everything sort of grant, and so accessibility, infrastructure updates, code upgrades, patio improvements, streetscapes, indoor and outdoor capital improvements.

Um so I'm really excited about that.

Um, and then the other one that they're looking to launch is a creativity and culture microgrant about how to work with our artists and festivals and programming and nonprofits as a way to just do micro grants for different projects, such as doing a mural or wanting to put on a festival, and um, so I'm really excited about both those things and launching them, and so just our downtown will know how to ask for assistance.

Um, I think that when we did our grant programs, uh once we had guidelines, it was a very successful program for people to be able to ask for help.

So I'm excited about those too.

That's great.

Yeah.

Creative.

Yeah, the new energy.

Yeah, okay.

Um business.

There's not much new business.

I feel like my updates through this meeting were most of the new business.

Yeah.

Well, there's a lot of email on that uh sketch plan review, which was interesting to look at and see.

I mean, yeah.

Um, so we uh in your one of your past meetings delegated um the review development applications to executive director during the transition.

And um, you know, we I reviewed baseline and car, which is Tenzins project.

Um it's in the sketch plan phase, and so the sketch plan is really related to is there any fatal flaws or you know, are you okay with the general concept?

And they don't it's very high level, and so since it was this is a project that aligns with our comprehensive plan and our urban renewal plan, we um I approved the sketch plan on behalf of the urban renewal authority.

I will say that um depending on timing of when this moves forward, if it makes sense for the full board to review the preliminary plan, you all can call it up and have that meeting.

Um, or you can provide comments to be put in there or just delegate it to me.

So I'll keep you all updated on that, but that's going to planning commission tomorrow.

I will also say that um in that approval it talks about deferring any or you know um relying on planning commission to provide feedback as far as general city code standards um and the municipal code related to it.

So I really tried to take more of a proach of does this align with urban renewal in our complan, um, rather than kind of going into locations of you know units and everything, just kind of have that be part of the the prelim conversation.

I mean, I agree.

I looked at it, I was like, yep, I think it check checks the boxes, I'm like happy, happy to see it.

I think it's moving the right direction.

Yeah, yeah.

And ultimately when our land use code, the city's land use code rewrite project happens, we will take that away from urban renewal.

Um the idea is that you'll just be able to build something that aligns with our current zoning code.

You know, that clause in our urban renewal plan was really more meant for in the early 2000s when we were trying to build a downtown to make sure that we had a little bit more oversight as far as design guidelines and making sure the looking feel makes sense.

But our goal is now to just have a zoning code that has that all in there, so it's not another step that businesses and property owners need to go through, and it's just trying to streamline everything.

Cool.

Yeah.

Anything else?

I think I'll just say um sad news on Fritz Brig.

Um, you know, that's it's really too bad.

Um what I really appreciate what Fritz did was he moved to get us a permanent staff member that really changed all of this, and I don't think we could have done what we've done in the past five plus years without that having happened.

So yeah, yeah.

Fritz hired me for Lafayette and um his like vision and what how he was a leader and what he wanted to do was you know, one of the main were some of the main reasons why I wanted to join Lafayette, and so um it's been a really sad week or so, and but the things that he's done are definitely gonna be long-lasting, and I'm very grateful that I was able to work with him for what I did.

I just drove by decleed a grill, they had a grant opening October 26th.

Just since that was one of our projects.

Yeah.

Yeah.

They're actually a lot of them are already up, we just haven't turned them on yet.

Yeah, I saw them going up pretty early.

It looked like they were trimming trees while they were putting lights up.

Yeah, yeah.

I think there's some people that would want them all year round.

Um, but I've been told like let's let's get through Halloween and then we can turn them on.

So they'll be on in November.

Yeah, do we get them for cheap cheaper if the staff can put them up in t-shirts instead of jackets or things?

Snow coats or whatever.

All right, thanks so much.

Uh we are adjourned.