Urban Renewal Plan Expanded to Include 541 N. Lincoln:
The City Council gave preliminary approval to the expansion
of the Block 41-Finley’s Addition Urban Renewal Plan to facilitate the
construction of a $9.3 million, 69-unit market rate housing development in
downtown Loveland by Brinkman Partners of Fort Collins. The approval was based
on the Council’s agreement that the area meets a variety of blight criteria as
defined in State statutes.
The Finley’s Addition Urban Renewal Plan and Plan Area will
be modified to include the project site and additional properties, and to
permit LURA to retain incremental tax revenue from sales taxes in addition to
property taxes to assist with the financing of the project. By expanding the
Finley’s Addition Plan Area, the combined tax increment from the Lincoln Place
Urban renewal area and the Brinkman/North Catalyst project will fund the public
improvements for the catalyst project, predevelopment costs, and repay the City
for the purchase of 541 N. Lincoln.
Brinkman Partners has formed a single-purpose LLC (541 N.
Lincoln, LLC) that will contract with the City and LURA to build the project.
Five of the 69 units will be ground level “livework” units, which will allow
the project to be considered mixed-use for planning and zoning purposes. 2nd
reading on the ordinances is tentatively scheduled for January 15, 2013.
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