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Revitalization Commission <br />Minutes <br />DATE <br />Page 2of 3 <br />Business Matters of the Commission– <br />a.Financial Analysis Background, presentation by Andy Knudtsen of EPS. <br />Andy presentedon how things have changed since EPS 2008 <br />report. <br />Louisville is doing well in residential, retail remains a challenge and <br />office market remains to be seen. <br />Retail on 36 is not doing well, lot of vacancies. Worst in metro <br />area. <br />Commercial component of mixed-use is struggling to get lending, <br />especially small—less than 70 units. Works best at or above 120 <br />units(size is applicable with or without non-residential component). <br />Challenge is to extend asset east of tracks, since downtown is a <br />premium market. <br />Walkability score is becoming more important, as confirmed by <br />recent Brookings Institute report. <br />Recommend incorporating TIF incrementally, re-start clock. <br />Segregating uses is OK, especially if segmented and walkable. <br />b.Developer Comments by Rick andDave from DELO, and Justin. <br />Market likes apartments, not condos right now. <br />Not enough upgraded infrastructure to support developments, e.g. <br />streets and utilities. <br />Slide presentation of DELO’s conceptual design for its 9 acres was <br />viewed. <br />Need underpass for chance at success. <br />Discussion on forming a special district to help finance the cost of <br />improvements. <br />Asked LRC to decide whether infrastructure improvements should <br />be developer funded or by City. Mayor Muckle replied we don’t <br />know yet. <br />c.LRC Guiding Principles and Goals Discussion <br />Members made general comments on the mission of LRC, under <br />different headings and as listed on the white board. Some <br />comments included the following: <br />Advocacy—provide informed voice, achieve type of outcome <br />we want. <br />Purpose—create a great neighborhood. <br />Purpose—encourage investment, increase value and <br />remove blight. <br />Value—collaboration. <br />Guiding Principles—transparency. <br />General Comments, Mission Components—financial <br />assistance. <br />