The Loveland Urban Renewal Authority (LURA) was established by the City Council in July 2002. LURA is responsible for conducting urban revitalization activities in Downtown Loveland. Under state law, LURA is charged with eliminating and preventing blighted areas. Revitalization of Downtown Loveland is the primary focus of LURA, however, state law allows the City to focus urban renewal activities in other qualifying areas of the community as needs arise.
Centerra LURA Agreements
• Resolution #R-114-2006 adopted November 21, 2006, approving the first MFA amendment entered into by the parties on December 5, 2006 (“First MFA Amendment”). The First MFA Amendment added a sixth Regional Improvement to the MFA. The Regional Improvement added was the extension of the then existing Centerra Parkway (formerly County Road 5) from the Union Pacific Railroad tracks north to Crossroads Boulevard. However, for this extension to be counted as a Regional Improvement, the Service District was also required to construct the “Crossroads Interchange Roundabouts” as defined in MFA Section 1.29.1.
• Resolution #R-75-2007 adopted October 23, 2007, approving the second MFA amendment entered into by the parties on November 20, 2007 (“the Second MFA Amendment”). The Second MFA Amendment modified the MFA in two major respects. First, it allows certain parking improvements to be constructed by the Service District for the then proposed Grand Station development to be considered public improvements eligible for funding under the MFA, subject to several pre-conditions. Second, the Service District agreed, contingent on the Service District obtaining certain bond financing for its construction of the Grand Station public improvements, to make accelerated payments to LURA above those previously required in the MFA under the formula for the “Regional Allocation,” to be deposited in the Regional Fund and used for the future construction of Regional Improvements.
• Resolution #R-101-2008 adopted September 2, 2008, approving the third MFA amendment entered into by the parties on October 28, 2008 (“Third MFA Amendment”). The Third MFA Amendment was needed as a result of the Flex URA Plan Modification. The Third MFA Amendment primarily added the Flex URA Properties to the MFA “Commercial Area,” which is defined in MFA Section 1.21 and is the same area as the Current URA Plan Area.
• Resolution #R-96-2013 adopted November 5, 2013, approving the fifth MFA amendment entered into by the parties on November 5, 2013 (“Fifth MFA Amendment”). The Fifth MFA Amendment added two new Regional Improvements to the MFA. It added the improvement of Boyd Lake Avenue from U.S. Highway 34 north to Kendall Parkway (now 37th Street) and the construction of Kendall Parkway from U.S. Highway 34 northwest to Boyd Lake Avenue, including an underpass at Kendall Parkway and I-25.
• Resolution #R-10-2014 adopted February 4, 2014, approving the sixth MFA amendment entered into by the parties on February 4, 2014 (“Sixth MFA Amendment”). The Sixth MFA Amendment did two things. First, it authorizes the Service District to use its MFA revenues to fund the construction of the public parking improvements for the Bass Pro Shop project in Centerra. Second, it authorizes the Service District to use MFA revenues to pay the reimbursement that will be owed to the City for the water line previously installed by the City in conjunction with the construction of Medical Center of the Rockies. This water line is located partly in the existing Boyd Lake Avenue right-of-way and partly in the future Kendall Parkway right-of-way.
• Resolution #R-5-2016 adopted January 5, 2016, approving the seventh MFA amendment entered into by the parties on January 5, 2016 ("Seventh MFA Amendment"). The Seventh MFA Amendment did two things. First, to designate the public parking structure on Parcel 206 as a Local Improvement. Second, to impose certain restrictions on the Service District’s authority to construct the Parcel 505 Parking Improvements as a Local Improvement permitted by MFA Section 1.54.
• Resolution #R-33-2016 adopted May 3, 2016, approving the minor modification to the seventh MFA amendment which modified paragraph 2 of the Seventh Amendment to state that the term “Parcel 206 Parking Improvements” shall mean and include public surface parking and public parking structure to be constructed and owned by the Service District, to serve the mixed-use development on Parcel 206, within the Commercial District.