Development project would rehab downtown Loveland buildings

LOVELAND — If the Loveland City Council concurs with the Downtown Development Authority tonight, a developer will receive tax-increment financing to help with the redevelopment of properties at 428-450 Cleveland Ave.

The developer, Love 450 LLC, a Boulder-based company registered to Gregory Fair, wants to rehabilitate the buildings on the southeast corner of Fifth Street and Cleveland Avenue in downtown Loveland. Those buildings at one time housed the Reporter-Herald before it moved across the street and an office supply store. Both buildings were occupied by Banner Health facilities — a clinic and a thrift store — prior to purchase by Love 450.

Love 450 plans to spend $4.7 million to rehab the buildings, according to information included in City Council meeting documents. Of that, $1.6 million would include items such as widening of sidewalks along Fifth Street, facade improvements, restoring historic architecture, improving alleys and parking areas, and installation of public art.

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A proposal unanimously approved by the DDA would provide the developer with $800,000 in tax-incremental financing — money advanced through bond financing and repaid by increases in both property and sales-tax revenue that result from the improvements.

The project, called Cleveland Station, would rehab 24,403 square feet of commercial space, the city documents said. The city estimates that improvements would generate in taxes about 21% of project cost, the proposal said.

The item is on the agenda for tonight’s City Council meeting.

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