By a 7-1 vote with Troy Krenning dissenting, the City Council approved a Disposition and Redevelopment Agreement (DRA) with Brinkman Partners for the development of the Foundry Project in Downtown Loveland. The agreement is the result of nine months of negotiation between the City and the Brinkman Partners with input and participation from the Loveland Downtown Partnership (LDP).
The project will a five screen, 625 seat movie theater, a hotel, 155 residential units, and roughly 15,000 square feet of new retail. The project will also include a 460-space parking structure and large public plaza. Under the terms of the agreement, the City will invest $17.6 million in public improvements including the parking structure and provide an additional $2.2 million over ten years as an incentive for the movie theater.
The City has appropriated $3 million for the project. In addition, $17.1 million will be lease financed with capitalized interest to limit the City’s General Fund Contribution in the first few years. The Urban Renewal Authority and the Metro District will contribute to the payment of the lease transaction. Per the agreement, Brinkman will pay for the $13.6 million parking structure. The City will own the parking facility and the land below it upon completion.
Note: Councilman Krenning voted against the project because he felt it was an “end-around TABOR” related to the failed DDA vote in November. However, the DDA was not designed to pay for the garage. This project will transform the downtown area and as such will provide benefits to the entire community, not just property owners within the DDA boundaries.
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