Revitalization Commission Agenda and Packet 2011 03 21

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Revitalization Commission Agenda February 7, 2011 Page 2 of 3 Justin presented slides and stated that everything that will be presented is conceptual; they do not have definitive plans yet. They feel that an underpass is necessary to complete their development. The slideshow presents their current holdings and acreage. A timeline is presented about prior events and current plans. Current site plans and elevations of the site are shown. There is a current 10’ grade difference from the east to west side of their site. Given the current land prices and site development size the preliminary plan is to garden park the site to meet the parking requirements. This would require some variance to the downtown height restrictions to complete. An explanation of the utilities is presented with some opportunities and constraints. They have some apprehension about the pending RTD vote and the need for future RTD parking. To overcome this issues they would propose a phased approach to hold development on the RTD site (phase 2) until future decisions occur with FasTracks. They must entitle the entire 5 acres of the site to proceed. Conversations with Steven Tebo have been occurring about the potential to develop his site. Bonnie explained the historic timeline. In 2003 Louisville got involved on the east side with Framework Plan, 2004 FasTracks vote, 2006 LRC is formed, 2007 Jeff Winston prepared underpass drawings, 2007 Mixed Use zoning guidelines were created, 2008 LRC finance study conducted by EPS. LRC has the authority to issues bonds via TIF revenues. The 2008 EPS study estimated that the best case scenario would be up to $10 million generated by TIF revenues. Troy explained that there are pending DRCOG funds for final planning for the corridor. The funding will be available this year for the next steps station area planning work. There is an additional funding from FASTER to study Highway 42 and develop solutions for crossings. The study will evaluate all options for crossing and access from Pine to Paschal. Heather explained that ultimately RTD could be paying for the underpass if FasTracks funding is extended this fall. Louisville would work toward obtaining funding to improve the underpass. Mayor explains that Sam Light has asked everyone to use caution and limit questioning. He cautioned members to ask specifics about the details of the project. Rob Lathrop- If this project is the catalyst project then LRC could potentially work forward on the underpass concepts and planning. Rob would encourage that the LRC move forward on the underpass issue. Hank Dalton- In concept there is already a commitment in the Parking and Pedestrian Action Plan. Michael- The underpass should be street width, good lighting, graffiti free