City Council Minutes 2006 12 19 - Laserfiche WebLink

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City Council Meeting Minutes December 19, 2006 Page 5 of 13 has the right to give notice, if common areas are not maintained, the City will maintain those common areas at the homeowner association's expense. He noted the primary route would be the subdivision agreement. Mayor Pro Tem Brown asked Planning Oirector Wood to outline the project's phasing plan. Planning Director Wood explained the subdivision agreement stipulates in Phase I all public improvements are to be installed and accepted by the City before the applicant can be!gin the residential phase. The residential phase is in Planning Areas 2 and 3. Mr. Markel stated Compass Bank financially backs the development and the developer has a lot of incentives to begin with Phase I, complete the public improvements and begin the development of the commercial phase. He stated after City approval, the area would be advertised for commercial development. The project will begin with the removal and recycling of the Pow Wow Grounds, the piping of the ditches, and development of streets and utilities. Council member Marsella commended the Planning Commission for their outstanding work on reducing the re~sidential density and adding commercial. She also commended and thanked Mr. Markel for adding open space, trails and playfields to the project, which are at benefit to the City. Council member Muckle asked for clarification on the trail along the Balfour facilities. Land Management Director Robson explained it is a partnership between the City and the Developer. The Developer will construct a concrete surface AOA compliant trail on a section of City land between Highway 42 and Hecla Drive. Council member Muckle asked when the trail would be installed. Mr. Markel stated it is included in Phase I and estimated work would begin in late spring or early summer and complete by late 2007. Council member Muckle asked how much property tax and sales tax increment can go out of this project until it will no longer be positive. Josh Burch, Economic & Planning Systems stated the urban renewal authority allows the City of Louisville to leverage the mills in property tax and to leverage the increment. The fiscal analysis for this project does not include the urban renewal increment financing, because it was completed before the approval of the urban renewal plan. The additional jurisdictional property mills are available without affecting the fiscal structure presented. He stated his understanding City Council has discretion on how much urban renewal increments can be allocated to a project. He stated there is $183,000 dedicated to the City of Louisville for capital improvements.