City Council Study Session Summary 2012 10 09

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City Council Study Session Summary October 9, 2012 Page 2 of 4 • Redesign of Highway 42 Corridor — Commission has provided input into the redesign. The design will have many implications into how the Revitalization Area will redevelop. • Review Development Proposals within the URA - The LRC has provided comment on the Safeway Redevelopment proposal and will continue to provide input on future projects. • Reevaluation of the LRC Mission — Redevelopment pressure is beginning to be felt; the LRC held several meetings to review the Commission's mission and guiding principles. The reevaluation provided objectives for the URA that will be used to evaluate proposals from developers for TIF assistance. • Funding Assistance for South Street Underpass — The City and LRC are drafting a Cooperative Agreement to jointly fund the South Street Underpass. The Agreement is almost complete and will soon be ready to present to City Council. Currently, the agreement spells out a defined contribution plan from the LRC to the City over a 10 -year period for 50% of the underpass. • Funding Analysis of the Urban Renewal Area — Andy Knudtsen with EPS Consultants discussed the financial analysis conducted in 2008 relating to the bonding capacity of the URA. The Commission, with the help of City staff, is developing an analysis of future TIF revenues from the URA. The analysis is focused on applying increased values to specific properties which are approved for development or have been in contact with the City regarding redevelopment. • Joint Meeting with Historic Preservation Commission (HPC) — A meeting was held to begin a dialogue of collaboration. Collaborating with the HPC will have a positive impact on Louisville to preserve and create new opportunities. Comments: Mayor Muckle was concerned about the Underpass project as there would be significantly less money for other projects the City would want to do sooner. The Mayor would like to see an earlier payback. Karl Becker indicated there are still many moving parts to the agreement before it goes to Council. Michael Menaker commented on the progress that will be made in the URA over the next 24 months is a result of years of work. The LRC is now meeting twice a month; a lot of effort is being made by the LRC members. Council member Dalton wanted to ensure discussions are happening with the County on their contribution which is estimated to be no more than 7.15% if the County does not have a similar agreement with another municipality. Deputy City Manager, Heather Balser, indicated that meetings are setup with the County to renegotiate the IGA.